Stainless Steel Sector: Duty Exemptions Boost Competitiveness

New Delhi, Jul 23 (PTI) Duty exemption on ferro nickel and continuation of zero duty on ferrous scrap and pure nickel will help the domestic stainless steel sector remain competitive, industry players said.

They further said that the exemption of customs duties on 25 critical minerals will give a boost to the refining and processing of such minerals within the country leading to self-reliance in line Atmanirbhar Bharat vision.

Jindal Stainless Managing Director Abhyuday Jindal said, "We welcome exempting duties on ferro nickel the continuation of zero duty on ferrous scrap and pure nickel and that will help the domestic stainless steel industry and alloy steel industry to maintain its competitiveness."

In the budget the government has also exempted duty on 25 critical minerals which will make India self-reliant in this area, Anubhav Kathuria, Director, Synergy Steels said adding that "stainless steel industry will wait to see if molybdenum is included in the list of 25 critical minerals."

Jindal said the decision to sanction 12 industrial parks under the National Industrial Corridor Development will help in strengthening upstream and downstream facilities in large and heavy manufacturing sectors like iron and steel.

The government's push for research and development (R&D) in nuclear technology is a welcome move as it will help energy-dependent sectors to obtain clean energy, thereby increasing India's competitiveness in emissions-sensitive markets such as the European Union (EU).