Shri A. Sai Prathap, minister of state at India's Ministry of Steel, has criticized the European Union's (EU) antidumping (AD) and countervailing duty (CVD) proceedings against exports of stainless steel fasteners and parts thereof from India initiated in October 2009 as well as AD proceedings against exports of certain stainless steel bars from India initiated in March. The EU has alleged that the exports from India are being subsidized through schemes like the Duty Entitlement Pass Book (DEPB) scheme.
In a written reply in Lok Sabha, India's lower house of parliament, the minister said on April 30 that the affected industries have opposed these investigations and have stated that Indian exports are not subsidized and even the DEPB scheme only neutralizes taxes and also has value caps to ensure that there is no subsidy element. The minister also said that the European Commission has decided to terminate the proceedings against exports of stainless steel fasteners and parts thereof from India, indicating that there is no merit in the argument of the European steel industry.