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
»
1-min read

Budget 2018: Remove Import Duty on Raw Materials: Stainless Steel Industry

In its pre-budget wish list, the Indian Stainless Steel Development Association (ISSDA) has sought removal of customs duty on key raw materials used in producing stainless steel.

PTI

Updated:January 16, 2018, 4:49 PM IST
facebookTwitterskypewhatsapp
Budget 2018: Remove Import Duty on Raw Materials: Stainless Steel Industry
In this file photo, an employee works inside a steel rerolling mill at Chitra industrial area, on the outskirts of Bhavnagar town, in Gujarat. (Photo: Reuters)
Loading...

New Delhi: Ahead of the Budget, the stainless steel industry has asked the government to remove import duty on ferro-nickel and stainless steel scrap.

In its pre-budget wish list, the Indian Stainless Steel Development Association (ISSDA) has sought removal of customs duty on key raw materials used in producing stainless steel.

"The government had removed customs duty on pure nickel in the last budget, it didn't help the industry much since most of nickel used by stainless steel makers is in the form ferro-nickel," the ISSDA said.

The same relief should now be extended to ferro-nickel, it demanded. The import duty on ferro-nickel is 2.5 per cent.

The raw material has to be necessarily imported because India hardly has any nickel resources, the association said.

The industry body also said that since all the stainless steel is produced through electric furnaces, stainless steel scrap is the main raw material which also provides cost effective source of alloying elements like chrome and nickel.

The scrap is also not available in the country and has to be imported, the body said asking the government to bring the customs duty for stainless steel scrap to zero from 2.5 per cent at present.

ISSDA President K K Pahuja said, "It is absolutely necessary to preserve competitiveness of Indian stainless steel industry at a time when government is building new trade relations with other countries and we appeal to the Finance Ministry to remove basic custom duty on both ferro-nickel and stainless steel scrap."

The Union Budget for 2018-19 will be presented on February 1.

Steel Secretary Aruna Sharma had earlier told PTI that along with ferro-nickel, the steel ministry had pitched for bringing down import duty on stainless steel scrap to zero.

The steel ministry had already made a request to the finance ministry in this regard, she had said.

| Edited by: Sanchari Chatterjee
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
20 Microns 35.95 0.00
Hexaware Tech 359.10 -0.57
Atul 3,797.25 -0.83
Amrutanjan Heal 303.00 0.08
Company Price Change %Gain
Yes Bank 98.45 -5.25
HDFC 2,286.30 0.39
SpiceJet 141.95 7.74
Tata Elxsi 742.40 -8.90
Indiabulls Hsg 667.80 3.36

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results