Union Ministry of Finance Current Affairs

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Union Government imposes Anti-dumping duty on graphite electrodes imports

Union Ministry of Finance has imposed an anti-dumping duty on imports of graphite electrodes used in steel plants for five years. The imposed duty ranges between $278.19 and $922.03 per tonne.

The decision was taken following the recommendations of the Directorate General of Anti-Dumping Duty (DGAD).

Earlier, DGAD had initiated and conducted investigation into dumping, on complaints of domestic manufacturers- HEG and Graphite India

With this move, government aims to protect the domestic industry from below-cost shipments of graphite electrodes.

It should be noted that the graphite electrodes are used in melting of steel.

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 vary 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.


India signs $8 million loan agreement with World Bank for SLACC Project

India signed a loan grant agreement worth US $8 million with World Bank for Sustainable Livelihoods and Adaption to Climate change (SLACC) Project.

The agreement was signed by Joint Secretary in Union Ministry of Finance Tarun Bajaj and World Bank’s India Country Director Onno Ruhl.

About Sustainable Livelihoods and Adaption to Climate change (SLACC) Project

  • SLACC Project aims at improving the adaptive capacity of the rural poor particularly women farmers engaged in farm-based livelihoods to cope with climate change and scale up the demonstrated best practices.
  • SLACC project will be implemented in collaboration with government programs such as Mahila Kisan Sashaktikaran Pariyojana (MKSP) and Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).
  • While, National Rural Livelihoods Mission (NRLM) is the implementing agency of SLACC.
  • It will focus to provide assistance in Climatic hazards that affect the availability of natural resources, which adversely affect the livelihoods of the poor by impacting production, affecting incomes and preventing building up of assets.