New Delhi, Ahead of the Union budget, Jindal Stainless has pitched for bringing down to nil the import duties on critical raw materials such as molybdenum ore, and continuing with zero duties on pure nickel, ferro-nickel, stainless steel scrap and mild steel scrap. Union Finance Minister Nirmala Sitharaman will present the Budget in the Parliament on February 1.
Molybdenum is used in alloys like ultra-strong steel which is resistant to corrosion and wear. The prevailing customs duty on molybdenum ore is five per cent.
In a statement Jindal Stainless Managing Director Abhyuday Jindal said, "We recommend reducing import duties to zero on critical raw materials unavailable in India, such as molybdenum ore, and continuing with zero duties on pure nickel, ferro-nicke ..
In a bid to give a boost to the demand of stainless steel, Jindal said that the government should continue to prioritise infrastructure spending, with a strong focus on developing mobility infrastructure like inland waterways, rail infrastructure, and coastal shipping.
Securing access to key raw materials is another pressing need, he explained.
"To safeguard the domestic industry from the distortion caused by low-priced imports, we urge the government to raise the basic customs duty on stainless steel products to 15 per cent for all non-free trade agreement countries. These steps will further strengthen the domestic stainless steel sector and position it as a vital driver of India's Viksit Bharat@2047 vision," Jindal stressed.
The company said that it expects the upcoming Union Budget to prioritise addressing key challenges hindering the stainless steel sector's growth.
The stainless steel industry is a critical pillar of country's manufacturing sector, immensely contributing to the growth of the economy.
Some of the stainless steel industry's key requirements from the government are enhancing mobility infrastructure like inland waterways, railways, and coastal shipping; continuing zero import duty on imports of essential raw materials; and creating a level-playing field against low-cost imports, among others, the statement said.
Indian Stainless Steel Development Association (ISSDA) President Rajamani Krishnamurti said that the stainless steel industry is integral to the country's infrastructure and sustainability goals.
"By prioritising Life Cycle Cost Analysis in public projects and implementing supportive policies, the government can transform the sector into a global powerhouse, contributing significantly to India's Atmanirbhar Bharat mission," he said.
ISSDA, he said, remains committed to working collaboratively with the government and stakeholders to position India's stainless steel industry as a leader in sustainable and fair trade practices.
The association is optimistic that the Union Budget 2025-26 will address these pressing issues and unlock the sector's full potential, he added.
Source Name : Economic Times