Budget 2024: Jindal Stainless aims for zero customs duties on ferro-nickel
Jindal Stainless has urged the government to remove import duties on ferro-nickel and molybdenum in the upcoming budget to ensure industry access to these key raw materials at competitive prices.
The current import duty on ferro-nickel is 2.5 percent, while for ferro-molybdenum it is 5 percent.
“We propose to remove basic customs duties on ferro-nickel and ferro-molybdenum for the long term to ensure industry access to these essential raw materials at competitive prices,” said Abhyuday Jindal, Managing Director, Jindal Stainless Ltd (JSL).
On behalf of the stainless steel industry, Jindal urged the government to continue its support in making the “Make in India” initiative competitive with incentives for innovation and sustainable practices.
According to him, reducing import duties on raw materials and providing tax breaks for research and development would bring many benefits to the sector.
Finance Minister Nirmala Sitharaman will present the full budget for fiscal year 2025 to Parliament on Tuesday.
The industry has also sought continuation of the zero tariff on stainless steel scrap, steel scrap and pure nickel, and maintenance of the 30 percent export tariff on chrome ore, Jindal said.
The MD further said that there is an urgent need to address the long-standing problem of dumping of subsidized and inferior imports from China by taking appropriate measures against such Chinese products to ensure a level playing field.
“There are several high expectations pinned on the Union Budget by individuals and businesses. While we expect the first comprehensive Budget of the year, I look forward to another growth-oriented Budget, especially one that boosts manufacturing and infrastructure, essential pillars for our country’s progress,” Jindal said.
Jindal Stainless is the largest producer of stainless steel in the country, with an installed capacity of about 3 million tonnes.
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First print: Jul 21, 2024 | 6:01 PM IST