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Foundry Industry hails reduction in import duty on raw material for Steel Making

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Business | May 25, 2022 3:26:07 PM IST
Kolkata (West Bengal) [India] May 25 (ANI/ NewsVoir): The Institute of Indian Foundrymen says the move, coupled with the levy of export duty on iron ore and steel intermediates, will help in improving availability and usher in price stability.

The foundry industry, the mother of all manufacturing industries, has hailed the central government's decision to reduce the import duty on the raw material of steel and the increase in export duty on iron ore and steel intermediates.

Devendra Jain, President of The Institute of Indian Foundrymen (IIF), said the import duty reduction on the raw material of steel will bring down the domestic prices of key inputs.

"The unprecedented surge in prices of raw material of steel has been a big challenge for the foundry industry in the recent months. The import duty reduction will lead to a lowering of prices and provide much-needed support to the industry. We are hopeful that the levy of export duty on iron ore and steel intermediates will also help in improving raw material availability, usher in price stability, and enhance the industry's competitiveness in the global market," said Jain.

He also expressed sincere gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the proactive measures and responding to the industry's demand.

The IIF President also welcomed the steep reduction in excise duty on petrol and diesel, saying it will provide much-needed relief to people at large and also help in reducing logistics costs for industries.

The finance ministry rescued the import duty on coking coal and anthracite, also known as high energy coal, from 2.5 per cent to zero, and the duty on coke and semi from 5 per cent to zero. The duty on ferronickel was lowered from 2.5 per cent to zero. To improve the availability of iron ore and some other steel intermediates, the ministry raised the export duty on one item and imposed the duty on 10 other items.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/ NewsVoir)

 
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