When the cost increased in America, china played a new trick?
The government of india has formed an inter-ministerial import growth monitoring group. This was done because due to the US imposing high duty on some countries like china and vietnam, these countries can send their goods to India. The ministry also said that China's retaliatory duty on American goods can increase the inflow of American agricultural products in India.
Additional Secretary in the Department of Commerce L satya Srinivas told the media, "With the global uncertainties related to the duty, obviously the apprehensions related to the jump in imports have increased... The Import Growth Monitoring Group has been formed to look into this. " He said that if any abnormal increase is reported, the Commerce Ministry can take action like imposing anti-dumping or safeguard duty.
Monitoring weekly and monthly trends
L satya Srinivas said that the group is monitoring weekly and monthly trends according to commodities and countries. He said, "If there is any abnormal jump, we would like to understand the reasons for it." The group includes representatives from the Department of Commerce, DGFT (Directorate General of Foreign Trade), CBIC (Central Board of Indirect Taxes and Customs) and Department for Promotion of industry and Internal Trade (DPIIT). Officials from other ministries are also being consulted if needed.
Risks of dumping of goods in india have arisen
According to the ministry, a recent assessment has raised the risk of dumping of goods in india due to retaliatory duty amid global trade tensions. According to this, due to rising costs in the US, exporters from countries like china, vietnam and indonesia can send goods to India. It is worth noting that the US has imposed a hefty duty of 145 percent on Chinese goods. In retaliation, china has also imposed a duty of 125 percent on American goods, which has started a trade war.
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