The first four months of this financial year 2021-22 (April-July of FY 22), witnessed a staggering 177 per cent rise in stainless steel imports into the country as compared to last years (FY 21) average, and a 159 per cent increase from the 2016-17 average, the base year prior to imposition of CVD on China. The surge has been powered by non-WTO compliant subsidies of 20 to 30 per cent provided to their stainless-steel manufacturers by China and Indonesia, which has been proved by the Directorate General of Trade Remedies in India as well as their global counterparts.
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