According to a statement from the Indian Steel Ministry, the Indian government will extend the effective date of stricter import restrictions on certain grades of steel (mainly steel for automobile manufacturing) to April 17th.
In June 2018, in order to promote the development of local manufacturing in India, the Indian Ministry of Steel required domestic and imported steel products sold in India to pass the mandatory certification of the Bureau of Indian Standards (BIS), and will be December 2018. The 17th is set as the deadline for the implementation of the above policy. However, after the major automakers expressed their concerns and doubts about the matter, the deadline was postponed for two months to February 17, 2019.
A federal minister in India said that if these regulations are strictly enforced from February 17, the production of the Indian auto industry will stagnate.
The Indian automotive industry is dominated by companies such as Maruti Suzuki, Hyundai Motor Group, Honda Motor Co and Ford Motor Co.
Major auto companies hope that the government will delay the buffer before the formal implementation of the policy until the end of 2019.
Post time: Mar-04-2019