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Budget Expectations: Jindal Stainless advocates long-term duty exemption on ferro nickel and ferro molybdenum for raw material access
Budget
Photo courtesy: JSL

Budget Expectations: Jindal Stainless advocates long-term duty exemption on ferro nickel and ferro molybdenum for raw material access

| @indiablooms | 31 Jan 2024, 12:00 am

New Delhi/Gurugram: Ahead of the Budget 2024-25, Jindal Stainless, India’s largest stainless steel manufacturer has sought continuation of zero customs duty on stainless steel scrap and steel scrap besides pure nickel.

In his Budget recommendation, Jindal Stainless Managing Director Abhyuday Jindal, said, "As we approach the Union Budget for 2024-25…we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to this important raw material at competitive rates.”

Jindal Stainless also advocates for the continuation of zero customs duty on stainless steel scrap and steel scrap, besides pure nickel.

“We also request continuing export duty of 30% on exports of chrome ore from the country,” he added.

The issue of dumping and substandard imports from China, especially 200 series grades, is a well-established challenge. To address this issue, he suggested the establishment of fixed tariff values for stainless steel and also the amendment of the trade remedial laws to delete the “lesser duty rule” and impose duty based on subsidy margin/dumping margin.”

He said Jindal Stainless is confident that these proposals will help the stainless steel industry thrive.

Jindal sail the company plans to generate approximately 1.9 billion units of clean energy per annum through renewable energy initiatives.

“Jindal Stainless is set to achieve its mid-term target of 50% carbon emissions reduction well before the target year of 2035, as it marked its presence at the United Nations Confederation of Parties (COP) 28 climate summit for the first time,” he stated.

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