Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Govt May Consider Import Duty Cut on Raw Material for Fertiliser Industry in Budget

Lower import duty on raw material like rock phosphate and sulphur used for manufacturing of DAP (Di ammonium phosphate) would help boost domestic production and cut in import bill, according to sources.

PTI

Updated:January 27, 2020, 12:02 AM IST
facebookTwitter Pocket whatsapp
Govt May Consider Import Duty Cut on Raw Material for Fertiliser Industry in Budget
Representative image.

New Delhi: The government may consider cut in import duty on raw material used in the fertiliser industry in the forthcoming budget with a view to boost domestic manufacturing in the country, sources said.

Lower import duty on raw material like rock phosphate and sulphur used for manufacturing of DAP (Di ammonium phosphate) would help boost domestic production and cut in import bill, according to sources.

Currently, there is an import duty of 5 per cent on such imports and the country imports about 95 per cent of its DAP requirement from global markets. The country also imports about 30 per cent of its urea requirements.

During April-December 2019-20, the country's crude and manufactured fertiliser imports grew by 8.47 per cent to USD 6.2 billion.

The commerce ministry has suggested its finance counterpart to rationalise basic customs duty on over 300 items to boost domestic manufacturing and cut in the rising import bill.

It has proposed removal of import duty on products like waste paper, and wood pulp which is currently 10 per cent and 5 per cent, respectively.

In 2018-19, the country imports rose by about 9 per cent to USD 507.44 billion. Finance minister Nirmala Sitharaman will present the Union Budget for 2020-21 on February 1.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Reliance 1,485.50 -1.24
IRCTC 1,927.75 5.30
Indiabulls Hsg 338.30 10.81
Tata Chemicals 764.50 -0.08
HDFC Life 573.75 -0.93
Top Gainers
Company Price Change %Gain
IndusInd Bank 1,181.75 3.57
Tata Steel 443.70 2.48
SBI 327.65 2.31
ONGC 102.85 1.13
Power Grid Corp 189.35 1.01
Top Losers
Company Price Change %Gain
Asian Paints 1,842.85 -2.30
HUL 2,247.85 -1.99
TCS 2,156.30 -1.75
Nestle 16,544.10 -1.38
Tech Mahindra 829.55 -1.36

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results