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News:Ministry of Commerce and Industry has launched Steel Import Monitoring System(SIMS).
Facts:
- In Steel Import Monitoring System(SIMS), the importers of specified steel products will register in advance on the web portal of SIMS by providing necessary information.
- The SIMS will then provide advance information about the steel imports to both the government and stakeholders.
- Stakeholders include the steel industry (producers) and consumers (importers).Based on this information,they will carry out effective policy interventions.
Additional information:
- Recently,India has emerged as a net importer of steel for the first time in three years during fiscal year 2019.
- India became the net importer despite being the second largest steel producer.
- India’s imports has increased due to (a)demand for better quality of steel in the domestic market and (b)reduced exports due to imposition of tariffs and other protectionist measures by the two biggest buyers of steel,the United States and Europe.
