Plight of Stainless Steel industry ignored in the Union Budget: ISSDA
Plight of Stainless Steel industry ignored in the Union Budget: ISSDA
February 1st, 2017 New Delhi: The Union budget 2017-18 has again ignored the plight of stainless steel industry. Basic Customs Duty on finished products has been not increased inspite of continued surge in import of stainless steel products into the country. While it is welcome move that basic customs duty on Nickel has been abolished but major demand of nickel required by the stainless steel industry is met from Ferro Nickel and stainless steel scrap. Both Ferro Nickel and stainless scrap, key raw materials for stainless steel manufacturing attract a import duty of 2.5%.
Due to excessive surge in imports of stainless steel products, the industry has been struggling and was expecting an increase in basic customs duty on finished goods from 7.5% to 12.5% (at par with carbon steel). ISSDA urges Ministry of Finance to relook at the budget decision and abolish the duty on key raw materials and increase duty on stainless steel finished goods. These steps would help to revive the ailing industry.
