According to a statement from India's Ministry of Steel, the Indian government on Wednesday will extend the entry into force of stricter import restrictions on certain grades of steel products, mainly for automobile manufacturing, until April 17.
In June 2018, in order to promote the development of India's local manufacturing industry, the Ministry of Iron and Steel of India required that both domestic and imported steel products sold in India must be certified by the Bureau of Indian Standards-BIS, and set December 17, 2018 as the deadline for the implementation of the above policy. But the deadline was delayed by two months to February 17, 2019, after major car manufacturers expressed concern and doubt about the matter.
A federal minister said production in India's automotive industry would stagnate if these rules were strictly enforced from February 17.
India's auto industry is dominated by Maruti Suzuki, Hyundai Motor Group, Honda Motor Co., and Ford Motor Co.
Major auto companies want the government to delay the buffer period before the policy is formally implemented until the end of 2019.
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