Page 157 - CW E-Magazine (13-8-2024)

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of previous year saw a one-time impact The strategy of moving from com- farmers, and despite delayed monsoon
of Rs. 161-crore of subsidy on channel modity to speciality has been working and high inventory of phosphatic ferti-
inventory and warehouse stock. to sustain and enhance the margins of lisers, volumes slightly declined by 3
the businesses, he noted. percent year-on-year.
“We have delivered an impressive
performance for Q1FY25, with a nota- “Mining chemical segment demon- “With rains predicted to be above
ble increase in EBITDA margin by strated robust volume and margin growth normal, we expect volume growth in
823 basis points YoY, up from 12.1 supported by stable imported Fertil- the coming quarter, boosted by new
percent to 20.4 percent. The businesses iser Grade Ammonium Nitrate (FGAN) launches: Croptek grade for soyabean
are reaping the benefi ts of backward prices and lower ammonia prices. The and Smartek for paddy and pulses. We
integration of ammonia plant, which proposed duty hike on ammonium nitrate continue to maintain sharp focus on
has helped mitigate supply chain risk will also help going forward,” he added. operational effi ciency, drive cost opti-
as well as price volatility and the bene- misations, capacity utilisation, and
fi ts are captured within the group,” The fertiliser business volume was productivity improvements, which will
the company’s Chairman and Manag- driven by Croptek and specialty fertili- help us navigate through market chal-
ing Director Mr. Sailesh Mehta said. sers, providing crop specifi c solutions to lenges,” Mr. Mehta added.
TRADE MEASURES

India ranks second in initiating and imposing

anti-dumping duties

India was the second country after are temporary measures imposed to
the US in initiating and imposing anti- protect domestic industries from a surge
dumping duties among World Trade in imports of a particular product.
Organisation (WTO) members last year, Unlike anti-dumping and CVD, which are
Financial Express reported, citing WTO country-specifi c, safeguard duties apply
data. Despite increasing the use of non- regardless of the country of export.
tariff measures in 2023, India’s average
tariffs fell to 17 percent from 18.1 per- Anti-dumping measures against India
cent in 2022. As an exporter, India was subjected
duties in three cases. In total, India has to 11 investigations and faced anti-
In 2023, India initiated 45 anti- imposed countervailing duties in 17 cases dumping duties in eight cases in 2023.
dumping investigations and imposed covering 28 products. Overall, India has faced anti-dumping
duties in 14 cases, whereas the US started actions in 103 cases covering 217 pro-
64 investigations and imposed additional As an exporter, India faced four ducts. Anti-dumping duties aim to protect
duties in 14 cases, according to the 2024 countervailing duty investigations and local companies from foreign suppliers
World Tariff Profi les, a publication by action in three cases. A total of 44 coun- who sell goods at signifi cantly lower
the WTO, International Trade Centre tervailing actions covering 173 products prices.
(ITC), and UN Trade and Development are currently in force against India.
(UNCTAD). The amount of anti-dumping duty is
Countervailing duties (CVD) target determined by the margin of dumping,
India has a total of 133 anti-dump- goods subsidised by their country of ori- the report added.
ing measures affecting 418 products. In gin, which can harm domestic industries
2022, India led WTO members with 29 by lowering prices. The amount of CVD While India’s simple average tariffs
anti-dumping investigations, the report depends on the value of these subsidies. have decreased, trade-weighted average
stated. tariffs rose to 12 percent in 2023 from
In 2023, India initiated one safe- 11.4 percent in 2022. The trade-weighted
In 2023, India initiated three coun- guard investigation and imposed extra average refl ects the average duty rate per
tervailing investigations and imposed duties in two cases. Safeguard duties imported unit.

Chemical Weekly August 13, 2024 157

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