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Subsidised exports impact the price of that product in the importing country, hitting the margins and profits of manufacturing firms. (Photo: Shutterstock)
India has extended countervailing or anti-subsidy duty on a Chinese chemical used in pesticides for five more years to guard domestic players.
The decision followed a recommendation of the commerce ministry’s investigation arm DGTR for continuation of the duty on the imports of ‘Atrazine Technical’ from China.
“The countervailing duty imposed under this notification shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification,” a finance ministry notification has said.
The finance ministry has imposed a duty of up to 11.94 per cent on the product.
In its probe, the DGTR had concluded that the current duties have allowed more Indian producers to enter the market and have helped the domestic industry to expand its capacity.
The subsidised exports were hurting Indian players. Earlier the revenue department had imposed the duty in September 2019.
Subsidised exports impact the price of that product in the importing country, hitting the margins and profits of manufacturing firms.
According to global trade norms, a country is allowed to impose countervailing or anti-subsidy duties on such imports.
The ministry has also extended anti-subsidy duty on imports of welded stainless steel pipes and tubes from China and Vietnam for five years.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 13 2024 | 4:08 PM IS