New Delhi, Nov 18 (UNI) With increasing cases of foreign countries dumping their products in India in view of the global economic crisis, the government today gave a categorical assurance to India Inc, saying that the Centre will take all necessary steps to protect their interests.
''Our domestic industry is inherently competitive and we will ensure that it does not suffer from dumping, whatever anti-dumping steps should be taken are being taken and will be taken in the future,'' Minister of State for Industry Ashwini Kumar told reporters here on the sidelines of India Economic Summit.
Favouring Finance Minister P Chidambaram's suggestion to the industries for price cut, he said everything should be done to spur the demand.
"Indian economy is basically driven by domestic demand and everything should be done to raise the demand,'' he said.
Meanwhile, he also said the impact of global recession on Indian economy has been very little compared to other countries, adding that the exports need to be raised as India's share in International trade is mere 1.5 per cent.
Stating that the government is proactively interacting with industry players to address the problems they are facing, he apprised that he will convene a meeting with Industry's Association tomorrow to discuss the present situation.
The India Inc, especially the primary steel makers feel they will be severely hit by China dumping its steel in the Indian market and have demanded that the government impose import duty in the range of 5 per cent to 10 per cent.
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