Indian Power Goods Imports Surging on Lower Domestic Output: Min.

India's Heavy Industries Minister Vilasrao Deshmukh on Thursday said a recent surge in imports of power equipment was due to the failure of domestic manufacturers to meet rising demand from the energy sector. Deshmukh's comments come in the backdrop of complaints by domestic power equipment majors like BHARAT HEAVY ELECTRICALS (BHEL, BSE:500103) and LARSEN & TOUBRO (L&T, BSE:500510) against duty-free imports from China. * "The capital goods industry has failed to ride the manufacturing boom and has not been able to meet the entire requirement of the user industries. This has resulted in the gaps being filled through imports of various sub sectors of capital goods," he said at a Ficci function here.

But at the same time, the minister agreed that there is a case for imposition of import duty on power equipment to give a level playing field to the domestic players.

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Source : tradingmarkets.com