FM increase the custom duty on imported flat rolled stainless steel: ISSDA

India Infoline News Service | Mumbai |

Government have reduced the duty on input raw materials like SS scrap, nickel both of which are not domestically available.

“We welcome the step taken by Hon’ble finance minister to increase the custom duty on imported flat rolled stainless steel from 5% in 7.5%. Keeping in mind the condition of the domestic industry the government should have also reduced the duty on input raw materials like SS scrap, nickel both of which are not domestically available.
Overall, we term it as a good and balance budget. We applaud the government for recognizing the challenges which the domestic industry is facing especially in light of huge surge in imports from China. We hope this issue would also be addressed by the government on urgent basis through anti dumping and safe guard measures.
With the focus on development, the Modi Govt. has also put impetus on improving the infrastructure and Housing sector across the country. This should also translate into giving a boost to the domestic stainless steel market.”

The author is N C Mathur, President, Indian Stainless Steel Development Association (ISSDA).
 

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