Business Current Affairs

Enter Your Email Address To Subscribe Current Affairs Daily Digest, Daily Quiz and other updates on Current Affairs:

India slaps anti-dumping duty on steel imports from China, Malaysia and South Korea

India has slapped anti-dumping duty on imports of certain steel products from three South Asian countries viz China, Malaysia and South Korea.

The anti-dumping duty was imposed by Union Finance Ministry on the recommendation of Directorate General of Anti-Dumping Duty (DGAD) to protect domestic producers from below-cost inbound shipments.

The duties have been imposed for five years on imports of certain varieties of steel especially on hot-rolled flat products of stainless steel used in automobile sectors.


Earlier, DGAD, under the Union Ministry of Commerce had conducted investigation on dumping of certain Hot Rolled Flat Products of Stainless Steel of ASTM Grade 304 with all its variants exported from China, Korea and Malaysia based upon complaint filed by Jindal Stainless Limited.

DGAD in its investigation probe had concluded that these steel products have been exported to India from these countries are below its associated normal value resulting in dumping of the product.

What is Anti-Dumping Duty?

  • It is duty imposed by government on imported products which have prices less than their normal values or domestic price.
  • Usually countries initiate anti-dumping probes to check if domestic industry has been hurt because of a surge in below-cost imports.
  • Anti-Dumping Duty is imposed under the multilateral WTO regime and varies from product to product and from country to country.
  • In India, anti-dumping duty is recommended by the Union Ministry of Commerce, while the Union Finance Ministry imposes it.


Adani, Reliance ink MoUs for power generation in Bangladesh

Adani Power Limited (APL) and Reliance Power Limited of India have signed separate memorandums of understanding (MoUs) with Bangladesh Power Development Board (BPDB).

These MoUs were signed on the first day of Indian Prime Minister Narendra Modi’s visit to Bangladesh. The deals were signed to set up 4,600 MW power plants in Bangladesh worth $5.5 billion.

Under the deal, APL will invest 2.5 billion dollars to set up a coal-based power plant with a capacity of 1,600 MW. While Reliance Power will set up an imported liquefied natural gas-based power plant with a capacity of 3,000 MW with an investment of 3 billion dollars.

The two Indian companies will complete construction of the plants in 13 months after final agreements are reached. These plants will help Bangladesh to tackle power shortages that are crimping its economic growth and deterring investment as country produces 7,000 MW of electricity but demand far exceeds supply, with a daily shortage up to 1,500 MW.


R Seshasayee appointed as non-executive Chairman of Infosys

India’s second largest software services firm, Infosys has appointed R Seshasayee as non-executive chairman.

He will replace KV Kamath, who stepped had down to take over as President of the Shanghai based BRICS New Development Bank.

Since 2011, Seshasayee had served as an independent director of Infosys and was the chairperson of the company’s audit committee.  Presently, he is also member of Infosys’ nominations committee.

He is also non-executive vice chairman of Ashok Leyland and Chairman of IndusInd Bank.

R Seshasayee is a chartered accountant by profession. He had started his career with Hindustan Lever Limited in 1971.

Later in 1976, he joined Ashok Leyland Ltd. and was promoted as executive director in 1983, deputy managing director in 1993 and was elevated as managing director of the company in April 1998.