Press Trust of India
New Delhi, Sept 11: The government is keeping a close watch on dumping in view of recent devaluation of Chinese currency, Commerce Minister Nirmala Sitharaman said Friday. She, however, added that cheaper imports could also help exporters as they would have access to raw material at competitive prices.
“Yuan de-valuation – Commerce and Finance Ministry keeping close watch on dumping. Cheaper raw material import could help in exports,” Sitharaman said in a tweet. China last month devalued its currency Yuan to perk up its economy which is facing slowdown. As regards dumping, the Directorate General of Safeguards has suggested imposition of 20 per cent duty on import of certain category of steel products from China, Japan, Korea and Russia.
In another tweet Sitharaman said that interest subvention policy for exporters will be placed before the Cabinet shortly and allocation has already been made in the Budget for current fiscal. Earlier in the day, the Minister met representatives from financial services sector and discussed issued raised by them. “Representatives from Motilal Oswal Financial Services, ICICI Prudential, Max Life Insurance, Reliance Mutual Fund were present. Kotak Securities, UBS, HDFC Fund, and Goldman Sachs, among others, raised queries,” she tweeted. She further said World Bank report on states ranking on Ease of Doing Business is expected in 3-5 days. “States were asked questions on 98 parameters,” she said.
