NOC Delays Impacting Steel Imports: Steel imports to India are facing delays due to the Ministry of Steel’s non-issuance of No Objection Certificates (NOCs).
- Impact on Prices: The delays may lead to higher domestic steel prices, benefiting local producers who are struggling with low prices due to decreased demand.
- BIS Standards Requirement: Imported steel must conform to Bureau of Indian Standards (BIS) regulations. Steel grades not covered by BIS require an NOC from the Ministry of Steel for import.
- Imports Stuck at Ports: Significant steel consignments, especially from Japan, are piling up at Indian ports due to the NOC delay, with Japan halting shipments to India.
- Concern for Infrastructure Projects: The NOC delay could raise steel prices and disrupt infrastructure projects dependent on imported steel.
- Policy Inconsistencies: Frequent changes in India’s import-export policies are causing uncertainty, with calls for a clearer and more consistent framework.
- Need for Regulatory Clarity: The government is urged to expedite the NOC process to avoid further disruptions in the steel market and maintain stability.
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