‘Commerce ministry monitoring unusual surge in imports’

New Delhi: The Commerce Ministry has started monitoring “unusual surges” in imports of commodities and will take action if found that the increase in the inbound shipment was on account of any malpractice, Commerce Secretary Sunil Barthwal said on Tuesday.

Last month, the government imposed import curbs on certain colloidal precious metals to check the illegal inflow of gold into India in liquid form.

Colloidal precious metals are suspensions of gold or silver nanoparticles dispersed in liquid.

“We have started monitoring the import surges. We are doing regular monitoring within the department. We are also sending the surge reports to different ministries so that they can also monitor at their level and whenever we are finding any unusual surge...if we find that the surge is due to some malpractice, in that case we are also using the DGFT’s good offices to restrict it,” Barthwal told reporters here.

The Directorate General of Foreign Trade (DGFT) is an arm of the Commerce Ministry to look into issues related to the country’s imports and exports.

“We are looking at all the commodities from the perspective of import surge. We are analysing it in detail and asking the line ministries to examine themselves and look into it (so that) remedial measures can be taken,” he added.

He also said that the Directorate General of Trade Remedies (DGTR) have been told to look into imports which may harm domestic industry in view of the trade diversions that are happening around the globe at present.

Imposition of heavy tariffs by the US is leading to trade diversions as certain countries take advantage of nations that have low tariffs.

In June, India initiated a number of investigations against a sudden surge in imports of certain items and dumping of goods.

The ministry is also in the process of preparing a world trade watch. The exercise will be done every month.

It will contain information such as products and country-wise surge in imports, measures taken to stop those imports, and export opportunities for Indian industry.

The country’s imports rose to $179.44 billion during the April-June period this fiscal year from $172.16 billion in the same period last year.