DGFT eases steel import norms
The Government of India has recently relaxed norms for import of steel and its products. In a notification, the Directorate General of Foreign Trade (DGFT) has said that earlier an exporter was supposed to provide quality certification from the recognised quality certifying body of the country of origin of the product, but now an exporter can provide such certificate from any international standard certifying body. Indian steel imports mainly comprises flat products that are generally used in the automotive and fast-moving consumer durable sectors. India has been a net importer of steel since 2007-08. In the last fiscal, it imported 7.9 MT. According to Joint Plant Committee (JPC), a body under the Steel Ministry, import of total finished steel stood at 3.65 MT registering a decline by 28.3 percent year-on-year during April-November, 2013.