(BS)
Ahead of the budget, stainless steel players have sought some curative measures like removal of import duty on key raw materials ferro-nickel and stainless steel scrap. Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for FY2020-21 on February 1.In order to augment domestic manufacturing, the Indian Stainless Steel Development Association (ISSDA) said it has recommended some curative measures to the government ahead of the budget.
In a representation submitted to the finance ministry, the body has sought nil duty on import of key raw materials like ferro-nickel and stainless-steel scrap, it said.Ferro-nickel and stainless steel scrap are key raw materials which are not available in the country and must necessarily be imported,” it said.At present, the basic customs duty on ferro-nickel and stainless steel scrap is 2.5 per cent.
