Dumping fears: Imports...

This could result in higher imports of components and intermediate goods to meet that demand.

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"Lots of imports that are used as inputs come dutyfree using schemes like Advance Authorisation Scheme and the different regimes applicable for Export Oriented Units (EoU) and Special Economic Zones (SEZs). Probably those imports may be having soft examination and more focus will be on finished goods," an industry official said.

Officials said the first rush of imports are expected in consumer goods and intermediate goods and raw material may also try to seek markets in India later. Special focus will be on China and some other countries in Asia Pacific like Vietnam, Thailand and South Korea with whom Indian supply chains are more closely integrated.

On raw materials like steel, the QCOs are expected to be a barrier to imports from China as no Chinese steel mill has been certified by the Bureau of Indian Standards (BIS) for export to India.

While the dumping can be tackled with heightened vigilance, the industry expects that disruption in normal trade flows globally will intensify competition in other markets too. "The surpluses would be offloaded in the global markets at bargain prices making efforts to find new markets to bring down dependence on a handful of markets more difficult," an industry official said.