Surging metal imports derailing Make in India

The Process Plant and Machinery Association of India (PPMAI) has expressed concern over the rise in imports of metals and capital goods due to India’s Free Trade Agreements (FTAs) with countries like  South Korea, Indonesia, Malaysia and Japan.

The Chairman of PPMAI, Yatinder Pal Singh Suri, stated: “The Free Trade Agreements (FTA) coupled with lack of reciprocity are adversely hurting the steel manufacturers as well as the capital goods industry. FTAs are meant to increase bilateral trade.” He also added that this has led to the increase in India’s trade deficits with these nations, despite the steps taken by the government to check the situation, including anti-dumping duties, countervailing duties, quality control and anti-circumvention measures.