GLOBAL STEEL GLUT AND INDIAN PROTECTIONISM
BANE TO MAKE IN INDIA SPIRIT
2016-09-14 06:48
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Steel glut in the world became a hot topic in 11th G-20 Summit at Hangzhou city in China, notwithstanding it was not the agenda of the summit. Over-capacity in steel was alleged the main culprit and was hurting the global health of the economy. In a veiled attack to China, when China raised voice against the protectionism in the summit as a chair-person, European Commissioner President Jean Claude Junker vehemently protested against the Chinese over capacity in steel, holding it responsible for the glut. He urged China to set up a mechanism to address its problem of over-capacity. Succumbed to pressure, China called for a global forum for steel excess capacity adjustment.