Economy

Dumping of Chinese goods will not be allowed: Commerce Minister

T E Raja Simhan | | Updated on: Dec 06, 2021

BL15_P11_NIRMALA_SITHARAMAN

Nirmala Sitharaman says her Ministry is working on measures to boost exports

India will not allow China to dump products here, said Commerce Minister Nirmala Sitharaman reacting to industry concerns following the devaluation of the yuan.

Devaluation of the yuan over the last two days is a serious issue that could lead to dumping of cheap Chinese products in to India. However, dumping of Chinese products will not be entertained, she said.

“I am conscious that exports are falling. With this devaluation of yuan, definitely our exports are going to face greater challenge. Our Ministry is working to get the situation changed to improve exports,” she told newspersons.

“We assure manufacturers that every step will be taken to stop dumping of Chinese goods into India,” Sitharaman said.

Early this week, the Chinese government allowed yuan to decline in value by about 4 per cent against the US dollar. This makes Chinese exports cheaper.

Indian exports are dwindling and lot of Chinese goods are coming into India. The Commerce Ministry is doing a sector-wise analysis and monitoring the situation. “Where we think there is a reasonable basis for us to feel that dumping is happening, we are ready to take action,” she said.

Today, globally there are only four currencies that are exchanged and China wants its currency to be internationally acceptable. “Chinese currency can become a reserve currency and it could be one of the reasons that they are trying to open it up for market price fixation for their currency and removing it from the controls of the Chinese government,” she said.

On the decline in Indian exports, the Minister said this was mainly due to lack of demand in international markets. European markets are yet to recover from the Greece effect, she said.

Published on August 14, 2015
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