 "India's exports had a disappointing start in the first month of the new financial year as growth crashed to a four-month low of only 0.64 per cent in April")
The government will soon make changes in the rules of trade remedies such as antidumping and safeguard, for making them more effective to protect the domestic industry, an official said.
The changes in the rules of antidumping, countervailing or anti-subsidy and safeguard have been approved by the commerce ministry and will soon be notified by the revenue department, the official said.
These are trade remedy measures provided under the global trade norms of the World Trade Organization to protect the domestic industry in case of dumping of goods, significant jump in imports, and subsidised imports.
According to the changes, the government will remove lesser duty rules (LDR), which will pave the way for Indian investigating authorities to impose anti-dumping and countervailing duty to the full extent of dumping and subsidy margins, respectively.
Tariff rate quota will be introduced in the safeguard rules, which will provide greater flexibility to the government in operating and administering safeguard mechanism. Further, as per the approved proposal, anti-circumvention provision will be introduced in the CVD (countervailing duty) rules to address the issue of circumvention by foreign producers or exporters availing subsidy.
"These changes meet long-standing demands of Indian domestic industry and are expected to provide much-needed support to the Indian manufacturing industry and give an impetus to Make-in-India campaign," the official added.
These amendments will be notified by the revenue department after legal vetting.
