India imposes three-year tariff on some steel products after ‘sudden, sharp’ increase in imports
GS3Economy · S&T · Environment · Security· Industry, investment & MSMEs· Prelims + Mains·
Why in news
The Indian government imposed a three-year safeguard duty of 11% to 12% on specific steel products to counter a 'sudden, sharp' increase in cheap imports from China, Vietnam, and Nepal.
Background
The Directorate General of Trade Remedies recommended the measure after finding that imports caused serious injury to the domestic steel industry. The tariff will be implemented in stages, starting with the highest rate of 12% in the first year.
Facts for Prelims
- FactThe safeguard duty on certain steel products ranges from 11% to 12%.
- BodyThe Directorate General of Trade Remedies is the body that recommended the import tariff.
- FactThe highest tariff rate of 12% is applicable during the first year of implementation.
For Mains
Q. Discuss the role of safeguard duties in protecting domestic industries from global trade fluctuations while maintaining international trade obligations.
Dimensions to cover in your answer
- Trade-off: Balancing domestic industrial protection against potential retaliatory trade measures from major exporters
- Regulatory mechanism: The role of the Directorate General of Trade Remedies in identifying 'serious injury' to domestic manufacturing
Keywords: Safeguard Duty · Trade Remedies · Import Substitution · Domestic Industry Protection · Trade Policy
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