As military tensions escalate, New Delhi’s proactive inter-ministerial strategy aims to shield supply chains and stabilise a jittery economy
India, the world’s second biggest crude steel producer, initiated an investigation in December to consider if it should impose a temporary tax, locally known as a safeguard duty, to curtail steel imports.
Total imports of finished steel were at an eight-year high with India, the world’s second-biggest crude steel producer, a net importer during the period.
The government intends to raise the quota by 1.6 million tons, which is on top of two million tons of permits already issued to the state-owned food logistics company Bulog.
The WTO’s top appeals bench, which rules on top international trade disputes, has been idle for more than two years due to blockages of adjudicator appointments dating to former U.S. president Donald Trump’s administration.