Indian domestic stainless steel manufacturers have sought the scrapping of import duties on key inputs in the national budget to be placed before India’s parliament on July 5, an official at the Indian Stainless Steel Development Association (ISSDA) said on Wednesday, June 26.
The official said that a pre-budget memorandum has been submitted to the government seeking the scrapping of the 2.5 percent import duty on steel scrap and ferronickel as both these inputs are not available in the local market and as domestic stainless steel producers are heavily dependent on imports.
The ISSDA has pointed out that loss of revenue for the government from the scrapping of the duty will be more than offset by revenues generated through higher production of stainless steel within the country.