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Date: 29/04/2024
India to ramp up steel import monitoring portal
The Steel Ministry is working on strengthening reporting norms for import shipments, and the reporting portal is being ramped up. This comes in the wake of several suspected instances of misreporting or under-reporting of shipment details. One of the key objectives of this overhaul is to ensure that steel import data is reported in a timely manner, allowing policymakers to make informed decisions and respond swiftly to market developments. By adopting an electronic reporting system, India aims to enhance its ability to monitor steel imports and targets the more effective enforcement of trade regulations. Additionally, the proposed system is expected to provide greater transparency by making import data readily accessible to relevant stakeholders, including government agencies, industry players and the public. This transparency will be crucial for promoting fair and legal trade practices in the steel industry, as per a report.
Source: Exim News Service: New Delhi, April 28
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