Govt Extends Countervailing Duty on Copper Wire Rods for 5 Years:

Govt Extends Countervailing Duty on Copper Wire Rods for 5 Years The Indian government has decided to continue imposing countervailing duty (CVD) on certain copper wire rods that are imported into India from Indonesia, Malaysia, Thailand, and Vietnam. This duty is being imposed to protect Indian manufacturers from unfair subsidies provided by the government to foreign exporters. The government of the exporting country offer subsidies to their exporters. This makes importing goods cheaper. Therefore, CVD is charged by India on goods that have been subsidised by the foreign exporting country's government.

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The duty was already in place since 2020. However, an investigation done by the Directorate General of Trade Remedies revealed that if this duty is removed, foreign subsidies will harm Indian industry due to unfair competition. Therefore, the government has decided to continue the duty for another 5 years, unless it is cancelled or updated. This decision to extend the CVD will protect the local manufacturers in india. Additionally, it will encourage fair competition in trade and prevent unfair trade practices. Refer to the official notification for more information.