Govt imposes anti-dumping duty on aluminium foil imports from China
The Dollar Business Bureau In order to safeguard the domestic industry, the Government has imposed anti-dumping duty on imports of aluminium foil from China. “The designated authority has recommended imposition of definitive anti-dumping duty on the imports of subject goods, originating in, or exported from the subject country and imported into India, in order to remove injury to the domestic industry,” Finance Ministry said in a notification (No.23/2017-Customs - ADD) on Tuesday. “The Authority has come to the conclusion that the subject goods have been exported to India from the China below normal values and the domestic industry has suffered material injury on account of subject imports from subject country,” the notification said. Based on recommendations, the Finance Ministry imposed an antidumping duty ranging from $0.69 ...
Hindalco seeks Govt support to compete with foreign firms
The Dollar Business Bureau Hindalco, a leading aluminium company, on Friday sought the government’s support to make the local industry capable of competing with what it termed ‘foreign economic invasion’ and urged it to boost new investments. “We seek government support to enable domestic industry to compete with the onslaught of foreign economic invasion. We urge the government to encourage new investments to make India self-sufficient to meet domestic demand and a significant player in the world market,” said Satish Pai, Managing Director of Hindalco, while addressing the World Non-Ferrous Conference 2016 in Mumbai. The aluminium industry has considerable potential to grow, Satish said, but the sector seeks policy intervention from the government. Cheap imports are impacting the growing local demand. In the past ...
Major Indian firms may be hit due to Brexit: CLSA
The Dollar Business Bureau As the concerns of Britain’s exit (termed Brexit) from the European Union (EU) are cooling down, some Indian companies are going to be impacted, due to their exposure to the EU and UK, apart from the consequences on the global markets. According to CLSA, Asia's leading independent brokerage and investment group, the EU - including the UK - is largest trading partner of India, accounting to 18 percent of merchandise exports in 2015-16, worth around $48 billion and 17 percent of merchandise imports valued about $65 billion. A report by CLSA released on June 16 highlighted that trade with the UK stood at $9 billion, or 8 percent of the overall trade with the EU. Engineering goods and textiles ...
Copper producers want incentives back for boosting exports
The Dollar Business Bureau In a move to meet the global competency in copper industry, key producers of copper have joined together seeking incentivisation of duty on exports of refined copper. A public sector company Hindustan Copper and Hindalco Industries-a private sector copper producer, along with an MNC giant-Sesa Sterlite, have joined hands seeking restoration of 2% duty incentive on refined copper exports that was removed earlier this year, said the reports. The three copper producers’ forum- Indian Primary Copper Producers Association, was said to have reportedly submitted the representation to the Ministry of Commerce seeking the duty incentive on the refined copper exports, the reports added. According to the association, withdrawal of the duty incentive on copper exports, that ...
