Indian steelmakers predict reduction in subsidies after WTO ruling on exports

Indian steel manufacturers expect the Indian government to trim its support for their exports following an adverse ruling by the World Trade Organization in a subsidy dispute brought by the United States.

“The [Indian] Ministry of Industry & Commerce was already looking at revamping trade and tax policies, which includes scrapping certain export incentive schemes that have now been termed as subsidies [by the US],” Arnab Kumar Hazra, the assistant secretary general of Indian Steel Association told Fastmarkets. “It might expedite the process after [the new] WTO announcement.”

On October 31, a WTO disputes panel ruled that various export promotion schemes run by the Indian government violated global trade rules and should be withdrawn within 90-180 days. The ruling follows a March 2018 complaint from the US government, which claimed the subsidies were hurting American companies and were in breach...

Published

INS - Raghavendra Verma

November 06, 2019

15:37 GMT

New Delhi