India overhauls steel import reporting for transparency
Steel

India overhauls steel import reporting for transparency

India is poised to revamp its steel import reporting system in a bid to enhance transparency and efficiency in monitoring steel imports. This initiative comes as a response to concerns over the accuracy and timeliness of current reporting mechanisms.

The existing system relies heavily on manual data entry, which has led to inconsistencies and delays in reporting steel imports. To address these issues, the government is considering implementing a new electronic reporting system that would streamline the process and improve data accuracy.

One of the key objectives of this overhaul is to ensure that steel import data is reported in a timely manner, allowing policymakers to make informed decisions and respond swiftly to market developments. By adopting an electronic reporting system, India aims to enhance its ability to monitor steel imports and enforce trade regulations effectively.

Additionally, the proposed system is expected to provide greater transparency by making import data readily accessible to relevant stakeholders, including government agencies, industry players, and the public. This transparency is crucial for promoting fair trade practices and preventing illegal or unfair trade practices in the steel sector.

Furthermore, the updated reporting mechanism would facilitate better coordination between various government agencies involved in regulating steel imports, thereby improving overall governance and reducing bureaucratic hurdles.

Overall, India's move to overhaul its steel import reporting mechanism reflects its commitment to strengthening the transparency and efficiency of its trade monitoring processes. By embracing electronic reporting technologies, the country aims to enhance its ability to track steel imports accurately and ensure a level playing field for domestic steel producers.

India is poised to revamp its steel import reporting system in a bid to enhance transparency and efficiency in monitoring steel imports. This initiative comes as a response to concerns over the accuracy and timeliness of current reporting mechanisms. The existing system relies heavily on manual data entry, which has led to inconsistencies and delays in reporting steel imports. To address these issues, the government is considering implementing a new electronic reporting system that would streamline the process and improve data accuracy. One of the key objectives of this overhaul is to ensure that steel import data is reported in a timely manner, allowing policymakers to make informed decisions and respond swiftly to market developments. By adopting an electronic reporting system, India aims to enhance its ability to monitor steel imports and enforce trade regulations effectively. Additionally, the proposed system is expected to provide greater transparency by making import data readily accessible to relevant stakeholders, including government agencies, industry players, and the public. This transparency is crucial for promoting fair trade practices and preventing illegal or unfair trade practices in the steel sector. Furthermore, the updated reporting mechanism would facilitate better coordination between various government agencies involved in regulating steel imports, thereby improving overall governance and reducing bureaucratic hurdles. Overall, India's move to overhaul its steel import reporting mechanism reflects its commitment to strengthening the transparency and efficiency of its trade monitoring processes. By embracing electronic reporting technologies, the country aims to enhance its ability to track steel imports accurately and ensure a level playing field for domestic steel producers.

Next Story
Infrastructure Energy

Reliance requests access to public ATF infrastructure

Access to pipelines and storages that public sector oil companies have built over the years for supplying jet fuel (ATF) from depots and oil refineries to airports has been sought by Reliance Industries Ltd. The company contributes to four percent of India's aviation turbine fuel (ATF) production and wants access to storage depots outside the Delhi airport as well as to pipelines leading to Mumbai, Bengaluru, and Hyderabad airports.

Compared to the supply made by state-owned companies, it now provides ATF in tiny numbers. In order to increase competition and lower fuel costs, the c..

Next Story
Infrastructure Urban

India drafts new EV policy; same for all companies

Amitabh Kant, Sherpa, G20, emphasised the need for a uniform EV policy applicable to all companies in India, asserting that the country will not alter its policy to cater to specific corporate demands. This statement comes amid speculations that Tesla had made particular requests to the Indian government, leading to its decision not to enter the Indian market despite an anticipated visit by the CEO in April.

Kant stated, "India has drafted an EV policy, and all companies must adhere to it. You can't have policies for individual companies." He reiterated that the policy, which includes i..

Next Story
Infrastructure Urban

Apple signs JV with CleanMax for renewable energy expansion in India

CleanMax, a leading renewable energy provider in Asia, has announced a landmark joint venture with Apple to enhance renewable energy projects across India, marking a significant advancement in the country's green energy sector. As part of this collaboration, CleanMax has successfully installed 14.4 MW of rooftop solar installations across six industrial sites in India, expected to mitigate approximately 207,000 tons of CO2 emissions over their operational life. This partnership supports essential renewable energy financing, enabling industries to transition to renewable energy sources and opti..

Next Story
Building Material

The government urges the steel industry to adopt sustainability.

Steel Secretary Nagendra Nath Sinha, during a national workshop held in Vigyan Bhawan, said that the industry must act like "trustees of the earth" and commit to reducing emissions and promoting sustainability. He also highlighted India?s steel sector emissions being 25% higher per tonne than the global average. This is because of a lack of natural gas and poor quality iron ore that requires additional processing. He emphasised that the Ministry of Mines and the Ministry of Environment, Forests, and Climate Change were working together to improve low-grade iron ore's suitability for steelmakin..

Next Story
Building Material

Jindal Stainless Fuels Vande Metro

Jindal Stainless Ltd has made headlines by supplying high-strength stainless steel for the Vande Metro trains, set to launch in July. The company's shares surged 4.63%, closing at ?711.40 on the BSE, raising its market cap to ?58,579 crore. The 201LN stainless steel used in the train coaches is lightweight, energy-efficient, and highly durable, ensuring enhanced safety and corrosion resistance. This development marks a significant contribution to India's railway sector, promising improved passenger experience on shorter routes up to 250 km.

The Vande Metro trains, designed for short-di..

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram