National Current Affairs

Anti-dumping duty on 93 products from China: Government

The Union Government has announced that anti-dumping duty is in force on 93 Chinese products to protect profitability of the domestic industry from import of cheap Chinese goods.

These products fall in the broad groups of chemicals and petrochemicals, steel and other metals, machinery items, fibres and yarn, rubber, plastic products, electric and electronic items and consumer goods, among others.

In addition to these 93 products, 40 cases concerning imports from China have been initiated by Directorate General of Anti-Dumping and Allied Duties (DGAD).

Anti-dumping duty

Anti-dumping duty is a protectionist stance taken by a government to cushion domestic companies from an increase in cheap price imports. It is imposed by government on imported products which have prices less than their fair normal values in their domestic market.

Why it is imposed?

When a country exports its products to other countries with a selling price below the cost price of the same product in other countries then it is called as dumping of products. This harms the profitability of domestic companies. Anti-dumping steps are taken to ensure fair trade and provide a level-playing field to the domestic industry.

Mechanism for imposition

Anti-Dumping Duty is imposed under the multilateral World Trade Organisation (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 (i.e. by DGAD) and imposed by the Union Finance Ministry.

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India ranks 43rd in 2017 Global Retirement Index

India was ranked last at 43rd position in 2017 Global Retirement Index (GRI) published by French asset management company Natixis Global.

The index ranks 43 countries on the basis of four factors viz. the material means to live comfortably in retirement (Material Well-being); access to quality health services (Health); access to quality financial services to help preserve savings value and maximize income (Finances) and a clean and safe environment (Quality of Life ).

The 43 countries include members of the Organization for Economic Co-operation and Development (OECD), International Monetary Fund (IMF) advanced economies and the BRIC countries (Brazil, Russia, India and China).

Key Highlights of 2017 GRI

Top three countries in 2017 GRI are Norway, Switzerland and Iceland. India ranks 43rd and has the same score compared to 2016 GRI. India also ranks the lowest among the BRIC economies.

India’s rank in all sub-indices is also in the bottom five. India position in all sub-indices is Material Well-being (41st), Health (43rd), Finances (39th) and Quality of Life (43rd).

India has the lowest income per capita of all countries in the GRI. Additionally, its score for the income equality indicator has declined compared to 2016 GRI. It has the lowest scores for all indicators within the sub-index including in insured health expenditure compared to 2016 GRI.

India ranks first in old-age dependency, second in tax pressure and sixth in interest rates. Interms of governance indicator India ranks as the fifth worst among all countries in the GRI. It also has the tenth-lowest score for the bank non-performing loans indicator. India ranked last in the Quality of Life sub-index.

India’s environmental factors indicator has improved due to progress in CO2 emissions per GDP. But it still ranks in bottom for happiness, water and sanitation, and air quality as well as scores second-worst for biodiversity and habitat among all GRI countries.

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