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Budget 2020 – ISSDA Wish List for Indian Stainless Sector

Steel News - Published on Tue, 14 Jan 2020

Image Source: miro.medium.com
Indian Stainless Steel Development Association New Delhi has sought nil duty on import ferro-nickel and stainless-steel scrap. The association has further suggested a simultaneous imposition of 12.5% custom duty on stainless steel flat product imports in order to bring it at par with carbon steel. ISSDA has also sought abolition of 7.5% import duty on graphite electrodes. On the other hand, the association has suggested that a minimum export duty of 20% should be imposed on graphite electrodes.

ISSDA President Mr KK Pahuja said “At a time when the government is assessing its trade relations with other countries and trade blocks, it is also necessary to boost domestic manufacturing by reducing high input costs. The Indian stainless steel industry has reached an inflection point where support from the government, for availability of raw materials at zero duty, will help preserve its competitiveness. We urge the government to not see the duty on raw materials as a revenue source; rather, consider the larger vision of higher manufacturing growth resulting in job creation, a push for the ‘Make in India’ drive, and contribution towards the USD 5 trillion Indian economy target by 2024.”

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Posted By : Rabi Wangkhem on Tue, 14 Jan 2020
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