New Delhi: A week before the Narendra Modi government will present its full fledged Budget on February 28 in Parliament, industries are pinning high hopes from Finance Minister Arun Jaitley.
The Indian Stainless Steel Development Association wants import duties need to be rationalized or scrapped. It say taxes and import duty anomalies are critically affecting the stainless steel sector's viability and as a result companies are under severe financial stress.
It demands import duty on stainless steel flat products to be increased from 7.5 per cent to 10 per cent and abolition of import duty on raw materials like manganese, chrome, and molybdenum ores, hydroxides and other salts, nickel, cooking coal, iron ore.
It also demands increase in peak rate of Basic Custom Duty from 10 per cent to 25 per cent for the steel sector.
The ISSDA say the above measures will help create a level-playing field for domestic steel manufacturer's vis-à-vis Chinese manufacturers who enjoy subsidies and state protection in multiple ways. In addition to this, domestic manufacturers will be able to utilise capacities which are lying idle.
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