India is working on revamping its steel import monitoring system to eliminate delays and discrepancies, officials at India’s ministry of steel said on Monday, April 15.
The government will soon implement an electronic reporting system for steel imports replacing the present system based on manual data entry, the officials said.
Under the existing manual system, there have been concerns over the accuracy of data on imports, inconsistencies between data over specific time-frames and delays in compilation of the data.
One of the key objectives of this overhaul is to ensure that steel import data are reported in a timely manner, allowing policymakers to make informed decisions and respond swiftly to market developments. By adopting an electronic reporting system, India aims to enhance its ability to monitor steel imports and targets the more effective enforcement of trade regulations, the officials said.
Additionally, the proposed system is expected to provide greater transparency by making import data readily accessible to relevant stakeholders, including government agencies, industry players, and the public. This transparency will be crucial for promoting fair trade practices and preventing illegal or unfair trade practices in the steel industry.
The electronic-based updated reporting mechanism will facilitate better coordination between various government agencies involved in regulating steel imports, thereby improving overall governance and reducing bureaucratic hurdles.