As a signatory of the WTO, India can resort to anti-dumping actions, anti-subsidies and countervailing measures and emergency protection from imports
New Delhi: The Indian Government can initiate action against dumping of goods by nations like China if a complaint is made with documentary proof that such imports were hurting domestic industry, the Rajya Sabha (Upper House of the Parliament) was informed on Wednesday, reports PTI.
Replying to supplementary during Question Hour, Minister of State for Commerce and Industry D Purandareswari said as a signatory of the World Trade Organisation (WTO), India can resort to anti-dumping actions, anti-subsidies and countervailing measures and emergency protection from imports.
But "there a complaint needs to be lodged with proof that industry has been affected," she said.
Under the three agreements, action can be taken against dumping (selling at an unfairly low price), subsidies and special countervailing duties to offset the subsidies and emergency measures to limit imports temporarily to safeguard domestic industries.
"There are provisions available for action to be initiated against dumping," she said. "Since 2009, adverse effect of large imports from China on domestic industry has been established in two cases of rubber related products/inputs based on investigation and safeguard duty imposed," she said.
Purandareswari said while IIP, the index that measures industrial growth, had been fluctuating over the past few years because of global economic slowdown, it has bounced back with 8.2% growth in October.
Textiles, wearing apparel, rubber and plastic products, electrical machinery and apparatus and furniture all record positive growth in October, she said. The sectors had posted negative growth rate in 2011-12.
"The reasons for decline in the growth can be attributed to both domestic as well as international factors which include Eurozone crisis and decline in external demand moderation in domestic demand, hardening of interest rates, inflationary pressure and rising input costs," she said.
The Minister said National Manufacturing Policy, unveiled in November last year, aims to raise contribution of manufacturing in the GDP to 25% besides making domestic industry globally competitive.
She said state governments should cooperate in helping revive manufacturing sectors as land acquisition, power and other clearances "act as a drag".
Shocked by Yashveer Singh's action, which caused commotion in the House, some Congress members led by Sonia Gandhi immediately came to the Well to stop him, which created a near scuffle like situation
New Delhi: In a shocking incident, a Samajwadi Party (SP) member stunned the Lok Sabha on Wednesday afternoon snatching the copy of the quota in promotion bill from Minister V Narayanasamy and was sought to be thwarted by Congress President Sonia Gandhi, reports PTI.
The sudden action of member from Nagina, Yashveer Singh came when Minister of State for Personnel Narayanasamy was moving the bill for consideration from the second row and Gandhi, who is also the UPA Chairperson, was occupying her usual front seat.
Singh had, meanwhile, passed on the bill to his party colleague Neeraj Shekhar which fell down.
Shocked by Singh's action, which caused commotion in the House, some Congress members led by Gandhi immediately came to the Well to stop Singh, which created a near scuffle like situation. The Congress members included K Bapiraju and Vilas Muttemwar.
This was because the SP members were already in the Well in strength vociferously protesting against taking up the measure.
The situation led to a verbal spat between the Congress and SP members.
Speaker Meira Kumar was so shocked by the incident that she abruptly adjourned the House for the day. .
Amid the melee, several Congress members rushed to the Well and surrounded Gandhi in an apparent bid to protect the leader who was being questioned by SP members for thwarting Singh.
Although the Speaker left the House, the commotion persisted.
In order to calm the tempers in the surcharged House, Parliamentary Affairs Minister Kamal Nath walked up to SP supremo Mulayam Singh Yadav who was surrounded by his party colleagues including Singh.
Congress members also sought to reach out to the BJP in the wake of incident but not to much success.
Samajwadi Party has been isolated on its opposition to the Bill which will ensure quota in promotion in government jobs for SC/ST employees.
BSP supremo Mayawati, an arch detractor of Samajwadi Party in Uttar Pradesh politics, has been seeking to take credit for the passage of the bill in the Rajya Sabha.
Terming the incident as "very deplorable and extremely unfortunate", Kamal Nath later told reporters, "We will urge the Speaker to condemn it and take action against the member."
"The Bill will be taken up tomorrow when the House meets," he said, maintaining that such an act "frustrates parliamentary democracy."
Nath said since Gandhi was closest to the spot where the snatching incident occurred, she asked the member to return the papers he had snatched.
"In democracy, if you are against something, you vote against it. But you can't do this. I condemn it. If they show such an attitude, there is no need for democracy or Parliament or the media," the Minister said.
IndiaFirst Life Insurance said it expects IRDA approval in a month and then will introduce standard products in the market that can be sold off-the-shelf even through kirana stores
Kolkata: The proposed standard product on micro insurance for the insurance industry is expected to get the regulator's nod in a month's time and such off-the-shelf products would be available by March 2013, reports PTI.
"We hope that the standard product on micro-insurance for the insurance industry will get Insurance Regulatory and Development Authority (IRDA)'s approval in a month's time," IndiaFirst Life Insurance managing director & CEO P Nandagopal said on the sidelines of an insurance meet.
"We are waiting IRDA approval and soon after, we will introduce the standard product in the market that can be sold off-the-shelf even through kirana stores," he said.
The products will be in place within March, Nandagopal said.
Sector regulator IRDA had earlier said it was planning to develop 10 standard products in consultation with industry bodies which could be launched by the insurance companies without seeking regulatory nod.
Standard micro-insurance policy, or one of such products, is aimed to provide a comprehensive package of insurance cover relevant to persons belonging to the economically weaker sections in rural and urban areas.
Both life and non-life companies will offer a composite product with options of additional cover from both life and non-life, Nandagopal said.
Moreover, such standard product could be sold by both life and non-life companies.
IRDA would allow cooperative banks, regional rural banks, primary agricultural co-operative societies and individuals (shopkeepers, medical store owners, petrol pump owners, public telephone operators) to act as micro insurance agents.