Steel import norms eased

Seeking to push infrastructure development, the government today relaxed the norms for import of steel and its products.
As per the norms, an exporter needs to provide quality certification from the recognised quality certifying body of the country of origin of the product.
Easing this norm, the Directorate General of Foreign Trade (DGFT) said now an exporter can provide such certificate from any international standard certifying body.
"Now it shall be international standard certifying body," the DGFT said in a notification.
India mainly imports the commodity from China, Japan, South Korea, the US and Europe. The imports are mostly flat products which find application in the automotive and fast-moving consumer durable sectors.

According to a media report, the country's steel imports may go up by more than eight times to 50 million tonnes (MT) to make up for the anticipated 200 MT demand by 2020.

The consumption of finished steel is a key indicator of the health of an economy.
According to Joint Plant Committee (JPC), a body under the Steel Ministry, import of total finished steel declined by 28.3 per cent year-on-year in April-November at 3.65 MT.
India has been a net importer of steel since 2007-08. In the last fiscal, it imported 7.9 MT.