Jindal Stainless Ltd (JSL) MD Abhyuday Jindal has urged the
government to remove import duty on raw materials in the upcoming Union Budget
to provide a level-playing field to the domestic stainless steel industry.
Cheap and sub-standard stainless steel products from countries like China and
Vietnam are affecting the domestic market.
Jindal
Stainless Ltd (JSL) MD Abhyuday Jindal has urged the government
to remove import duty on raw materials in
the upcoming Union Budget, a move, the industry leader said, will provide a
level-playing field to domestic players. He suggested levying Basic Customs
Duty (BCD) on imports as the domestic market is being affected by cheap and
sub-standard stainless steel products from select group of countries like China
and Vietnam.
"One long-standing requirement of the stainless steel industry has been
that there are certain raw materials that
are not present in the country like ferro nickel and ferro molybdenum,"
Jindal told.
At present, 2.5 per cent import duty is levied on ferro nickel and 5 per
cent on ferro molybdenum.
Speaking further on Budget expectations, the JSL MD said severe dumping is
happening from China, Vietnam, and certain countries with which India has Free
Trade Agreements (FTAs).
This is putting severe pressure on MSMEs and preventing the stainless steel
industry from becoming aatmanirbhar, he said.
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"There was an investigation by the Directorate General of Trade Remedies
(DGTR). The way out is that we definitely need some kind of protectionist
measure. Our request is that some kind of duty be levied to give some
protection to stainless steel companies in India," he said.