Indian steel manufacturers expect the Indian government to trim its support for their exports following an adverse ruling by the World Trade Organization in a subsidy dispute brought by the United States.
"The [Indian] Ministry of Industry & Commerce was already looking at revamping trade and tax policies, which includes scrapping certain export incentive schemes that have now been termed as subsidies [by the US]," Arnab Kumar Hazra, the assistant secretary general of Indian Steel Association told Fastmarkets. "It might expedite the process after [the new] WTO announcement."On October 31, a WTO disputes panel ruled that various export promotion schemes run by the Indian government violated global trade rules and should be withdrawn within 90-180 days. The ruling follows a March 2018 complaint from the US government, which claimed the subsidies were hurting American companies and were in breach of global trade...