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Time of India
an hour ago
- Time of India
Nepal, China steel may face duty evasion probe
The Directorate of Revenue Intelligence may investigate steel imports from Nepal and China. This action aims to shield the Indian steel industry from substandard products. Nepal has become a major steel exporter to India. Concerns arise about Chinese steel being routed through Nepal. Some Chinese companies are allegedly falsifying quality compliance documents. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Directorate of Revenue Intelligence could initiate a probe into steel imports from Nepal and China, a move aimed at protecting the domestic industry from cheap, substandard imports, said people familiar with the comes after Nepal emerged as one of the top three steel exporters to India despite the absence of significant manufacturing facilities, they said."In some instances, a Nepal-based company was exporting steel many times over its nameplate capacity," an official told ET on condition of triggered apprehensions of Chinese steel being routed through Nepal, as alleged by the Indian has unilateral duty-free access to the Indian market, allowing its exporters to send steel products to India without paying any duty. On the contrary, direct exports from China attract at least 12% safeguard share in India's finished steel imports during the first three months of this financial year averaged 15.93%, making the neighbouring country the third largest steel exporter to India during this another instance, China's Shangyang Steel wrote to India's Directorate General of Foreign Trade alleging that other Chinese companies were falsifying documents affirming quality compliance. Shangyang Steel holds a certificate issued by the Bureau of Indian Standards (BIS)."The company alleged that other Chinese companies were misrepresenting the BIS certificate issued to Shangyang Steel and lying while exporting to India," the official month, the steel ministry issued a clarification saying that not only are finished and semi-finished steel imports required to adhere to quality control orders (QCOs) but also the raw material used as input needs to comply with the quality also found that some Indian importers with a BIS certificate were importing substandard steel products from China or Nepal and doing just cosmetic value addition to them."The QCO norms require importers not only to comply with the coating part for which it has certification, but also to ensure that the base material also sticks to quality norms," the official said.A BIS certificate is enforced through QCO, which the government order mainly affects the traders who act as middlemen in importing steel without adding any value to the steel. "MSMEs (micro, small and medium enterprises) are not affected by this order; it hurts the middle parties, and they are the ones who are creating a furore over this," the official added.
Economic Times
an hour ago
- Economic Times
MPC must ignore Trump's latest jibe, and stay focused on inflation risks and price stability goals
Oh, it's very much undead Nothing is certain except death and taxes,' said Benjamin Franklin. In the post-Trump world, one can add a third: slower growth and higher inflation or stagflation, in economists' lexicon. And possibly a fourth: Trump-induced turbulence, as evidenced by the latest round of tariff hikes announced last week. In a profession noted for its discontents-'If all the economists were laid end to end, they'd never reach a conclusion,' said George Bernard Shaw-Trump has achieved the near impossible. He's ensured almost complete unanimity among economists on the likely outcome of his chop-and-change policy on tariffs: lower growth, higher inflation. What explains economist-dominated MPC's decision to tread a different path and take a decidedly one-sided view of how Trump's tariffs will impact India's macro economy? Indian exceptionalism? Market capture? The desire of a relatively newly minted MPC (it has yet to complete a year in office in its present avatar) to respond to a nod-and-a-wink from North Block? 'Core inflation remains subdued, and overall inflation is comfortably below the RBI's 4% target, affording room for the easing cycle to be sustained,' says the finance ministry, crossing the unstated Lakshman rekha between the executive and RBI on interest rate policy in its latest monthly report. More importantly, will it continue down that path at its three-day meet, starting tomorrow? Unlike its peers worldwide, MPC seems to believe that growth will be adversely impacted, but not inflation. So, it has cut the policy repo rate by 100 bps since February 2025, reduced CRR by 100 bps and flooded the system with liquidity. All this, even as central banks in the US, China, the EU and Britain have opted to hold rates constant till there is greater fall in inflation to a more than six-year low in June was driven primarily by F&B group, which accounts for close to 46% of the consumption basket/index and can quickly reverse (one extreme weather event is all it takes). The US and Britain have seen an uptick in inflation. Oil prices are likely to move up post-Trump's threat to impose a penalty (100% tariff?) on countries that buy oil from Russia (India is a big buyer). Hardeep Puri has warned that removing Russian supplies from the market could push oil prices to $130-140 a the market has been signalling higher rates for some time now, with savers deserting bank deposits for riskier forms of investment, including, yes, cryptos. In its third buyback of this fiscal year, on July 17, RBI accepted only 79% of the notified amount, suggesting market participants wanted higher yields than its comfort level. Experience has shown that more liquidity may or may not spur credit growth, and hence economic growth. But it will almost definitely spur inflation in a scenario where supply-side factors (disruption of supply chains and higher tariffs worldwide) are likely to shift the balance of risks towards higher inflation, even as our domestic-focused economy navigates these shocks better. No wonder IMF has just hiked its growth projections for India. There is also the attendant risk of banks and NFBCs lending to less creditworthy borrowers. In a conversation with Raghuram Rajan, Jerome Powell, put it well: 'Tariffs are highly likely to generate at least a temporary rise in inflation. The inflationary effects could also be more persistent.'In a speech on economic outlook in April, Powell said: 'Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem. We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension. If that were to occur, we would consider how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close.'To assume, as Sanjay Malhotra seems to have done, 'Inflation is under control, and we can assume that we have won the is good, but there is still room for improvement,' is unwise. RBI's mandate under the inflation targeting regime is clear. It is 'price stability, keeping in mind the objective of growth'. It is not a dual objective, as in the case of the US Fed. In terms of priorities, inflation ranks first. It is most certainly not 'aspirational' growth, a term that has newly entered MPC's might have won the battle against inflation, thanks in part to statistical sleight of hand (base effects) but not the war. Fortunately, RBI governor seems to have realised he might have erred. Last month, Malhotra's statement that 'though the RBI has won the battle against inflation, it continues its war against price rise, keeping in mind its objective of price stability', is a notable shift. One that suggests he, and MPC, will not rush in with another hasty rate cut. Never mind what Trump says, or the market wants. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Zomato delivered, but did the other listed unicorns? US tariff hike to hit Indian exports, may push RBI towards rate cuts Will TCS layoffs open the floodgates of mass firing at Indian IT firms? Indian IT firms never reveal the truth hiding behind 'strong' deal wins Is Bajaj Finance facing its HDFC Bank moment? Tata Motors' INR38k crore Iveco buy: Factors that can make investors nervous Stock Radar: Strides Pharma stock hits fresh 52-week high in July; will the rally continue in August? F&O Radar| Deploy Short Strangle in Nifty to gain from Theta decay For investors who can think beyond Trump: 5 large-cap stocks with an upside potential of up to 36%
Time of India
an hour ago
- Time of India
Punjab Congress chief Amrinder Singh Raja Warring urges Centre to intervene in Punjab's land pooling policy
1 2 3 Chandigarh: Punjab Congress president Amrinder Singh Raja Warring said Sunday that the Punjab Land Pooling policy was in clear violation of the Land Acquisition, Rehabilitation and Resettlement Act, 2013, enacted by the Congress-led UPA govt in 2013 when Dr Manmohan Singh was the Prime Minister. In a written statement, Warring said it was the reason he had "urged the Central government to intervene and stop the Aam Aadmi Party (AAP) government in Punjab from implementing the land pooling policy, which is being forced upon the unwilling farmers of the state." He stated, "While the BJP tried unsuccessfully to dilute the provisions of the law, the AAP is completely subverting it in Punjab." Warring added, "After the BJP came to power at the centre in 2014, it tried to dilute the Act and its various provisions. It was for this reason that then Union minister Arun Jaitely visited then Congress president Sonia Gandhi. It was in this context that leader of opposition Rahul Gandhi on Saturday said that late Arun Jaitely tried to threaten him as he was strongly against the dilution of the provisions of the Land Acquisition Act. " Warring added, "Thanks to the Congress party and Rahul Gandhi in particular, the BJP govt dropped the idea of diluting the Land Acquisition Act, which ensures that farmers' rights are protected and they are adequately compensated and rehabilitated if their land is acquired after their due consent." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ask A Pro: "I'm 70 with $1.4M in IRAs. Should I convert $120K/Year to a Roth?" SmartAsset Undo He noted that the Punjab government's land pooling policy was "in clear violation of the Land Acquisition Act as it has neither taken the farmers' consent nor provided any compensation to them." He added, "The AAP government is taking farmers' land without any compensation. This will not be allowed to happen at any cost." Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
