No overcapacity in textiles, steel sectors: DGTR

NEW DELHI: India on Wednesday rejected allegations of surplus capacity in the textiles and steel sectors, saying that per capita consumption of these products in the country remains among the lowest in the world.The remarks assume significance as USTR launched a probe regarding the acts, policies, and practices of 16 economies, including India, under Section 301, relating to structural excess capacity and production in manufacturing.Director general of trade remedies Amitabh Kumar said overcapacity has not come under any of the trade remedial laws in the WTO framework and it is a new narrative and the objective is to target a particular country.In its submission, India has stated that the USTR notice has not provided cogent rationale or prima facie evidence to substantiate its allegation that India has structural excess capacity in its major industries.