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March 31, 2001
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Money > Business Headlines > Report March 31, 2001 |
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Tariffs, other barriers may counter import surgeBS Economy Bureau The inter-ministerial group (IMG) on quantitative restrictions (QRs) has recommended that in case of surge in imports to a level that affects the domestic industry's survival, the government should increase tariff levels to the bound rates. Top government sources also said that all imports will have to comply with Indian laws and standards. In case of surge in imports, the IMG has recommended, the use of checks, essentially in the form of non-tariff barriers. Commerce and Industry Minister Murasoli Maran is expected to announce some of the recommendations of the IMG in his Export Import (Exim) Policy speech slated for Saturday (March 31). While certain recommendations of the IMG like mandatory printing of maximum retail price has already been notified. In case of 131 products the government has notified mandatory registration with the Bureau of Indian Standards (BIS). Sources said that the list can be expanded if the Indian industry registers more products with the BIS. They also said that amongst the new recommendations, the IMG has suggested that norms like restriction on sale of imported waste should be prohibited just as the domestic industry faces the restrictions. In case of a threat to the domestic industry from surge in imports, the IMG has recommended that the system of import through designated ports should be brought in. So far, the government has only notified designated port for steel imports. Saturday's Exim Policy is also expected to announce designated ports for automobile and more items could be notified at a later date. To strengthen the mechanism to check surge in imports at the earliest the government is strengthening the data collection mechanism and also the intelligence mechanism. The IMG has also asked the domestic industry to submit information on subsidy given to goods that are imported into India so that the government can initiate anti subsidy investigations. Protection to the domestic industry will also be provided through a legislative change, which the government proposes to introduce during the forthcoming session of Parliament. The legislation is aimed at reimposition of quantitative restrictions in case of a rise in imports. India also has powers to protect the domestic industry through safeguard mechanism of GATT (general agreement on trade and tariff) and anti dumping action can also be initiated.
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