GTRI calls for assessment of steel industry before taking safeguard measures
GTRI on Thursday called for a comprehensive assessment of the Indian steel industry to evaluate the impact of existing import measures before imposing the proposed safeguard duty. The Global Trade Research Initiative (GTRI) report has also claimed that the commerce ministry's ongoing safeguard investigation into alleged jump in imports of certain steel products suffers from «several» technical weaknesses such as focus on products with minimal import surges, and inappropriate use of global safeguards.
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The report has stressed that any new measures should be based on a clear understanding of the implications of existing measures for the industry and the broader economy.
«Conduct a study on the state of the steel industry in India and assess the impact of proposed and existing import measures on resulting higher costs, economic growth and jobs. Take any new action after this assessment,» GTRI Founder Ajay Srivastava said.
He said that the current system comprising Quality Control Orders (QCO), Steel Import Monitoring System (SIMS), and No Objection Certificate (NOC) requirements is «overly» complex and inefficient.
The GTRI report has suggested that a high-level review is essential to simplify these processes and make compliance automatic and hassle-free.
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