Latest News | ISSDA Urges Govt to Restore CVD on Stainless Steel Products from China, Indonesia

New Delhi, Dec 6 (PTI) The Indian Stainless Steel Development Association (ISSDA) on Monday said that it has urged the government to restore the countervailing duty (CVD) on stainless steel products from China and Indonesia in the upcoming Union Budget.

The decision to suspend the CVD in Union Budget 2021-22 has led to a surge in imports from Indonesia and China as was anticipated by the ISSDA, the apex organisation representing the domestic stainless steel industry, said in a statement.

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The imports are being largely driven by Chinese companies operating from Indonesia, which got a boost after the suspension of CVD in February 2021.

"The current market buoyancy is hiding the larger issue of import dependency, which goes against the Aatmanirbhar vision of Prime Minister and has long term implications. If prescribed trade remedies, imposed after laid down quasi-judicial procedures, are suddenly withdrawn, it creates huge policy uncertainty and adversely affects business sentiment. We hope government will take note of import surge and restore both the CVDs in the forthcoming Budget," ISSDA President K K Pahuja said.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)