DISPLAYING a proactive and aggressive stance, the Union government has imposed a stiff antidumping duty on the imports of Polyethylene Terephthalate (PET Resin) originating in or exported from China. This may sound no more than an addition to the ongoing trade and tariff war that India has purportedly waged against China, but there is a bigger picture in the backdrop of this.
This move was initiated through an application led by IVL Dhunseri Petrochem Industries Private Limited and Reliance Industries, two of the largest Indian manufacturers of PET. On the basis of this application the Directorate General of Trade Remedies (DGTR) had recommended an anti-dumping duty of $15.54 to $ 200.66 per metric tonne of the imported product for five years. This recommendation had come in December last, after a year-long investigation into the damage that such unnaturally priced imports were doing to the domestic industry. The duty is now official. The duty ranges from $ 16.92 to $ 200.66 per MT, depending on quality, and is higher than the recommended levels.
PET is critical for India, and should have remained an Indian venture specific raw material. But Chinese dumping had created a disadvantage for leading Indian companies.
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