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Budget 2020 – FIMI Seeks 15% Duty on Aluminium Imports into India

Metal News - Published on Fri, 10 Jan 2020

Image Source: Aluminium Imports
Federation of Indian Mineral Industries has demanded significant changes in the government’s aluminium import policy to protect domestic industries from the wrath of industries of China and ASEAN countries in the Budget 2020. FIMI seeks restriction on aluminium imports by increasing import duty up to 15% from the existing 10% on all aluminium products. According to its report, India is capable enough to manage its own demand from the indigenous aluminium albeit the government shows the willingness to invest in aluminium production.

The report suggests that the country’s major fulfillment of aluminium demand takes place by imports. The aluminium imports constitute 58% in India meeting its demand whereas domestically produced aluminium languishes at meager 42%. The report claims India had to lose INR 38,200 of its foreign exchange which is 1.1% of the country’s import bill to Aluminium imports.

Aluminium consumption in India has seen a massive surge since the year 2011. The annual consumption of Aluminium has shot up by 80%, from 2207 kilo tonnes to 3972 KT and import of Aluminium has increased by double of demand by 164% from FY 2011. The aluminium import in FY 2019 increased to 2318 KT from 878 KT in FY 20111

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Posted By : Arun Huidrom on Fri, 10 Jan 2020
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