Duty Exemption and R&D Boost: How India’s Stainless Steel Sector is Gaining Ground

The recent duty exemptions on ferro nickel, continued zero duty on ferrous scrap and pure nickel, and the exemption of customs duties on 25 critical minerals are set to enhance India's stainless steel sector's competitiveness. Industry players also anticipate benefits from industrial park sanctions and R&D in nuclear technology for clean energy.

Recent duty exemptions on ferro nickel and the continuation of zero duty on ferrous scrap and pure nickel have been welcomed by players in the domestic stainless steel sector, who believe these measures will keep the industry competitive.

Indsutry insiders, such as Jindal Stainless' Managing Director Abhyuday Jindal and Synergy Steels' Director Anubhav Kathuria, view these exemptions and the additional customs duties removal on 25 critical minerals as significant steps. These initiatives align with the Atmanirbhar Bharat vision by bolstering refining and processing capabilities within the country.

Jindal cited the sanctioning of 12 industrial parks under the National Industrial Corridor Development as a move that will strengthen upstream and downstream facilities in the iron and steel sectors. Additionally, the government's focus on research and development in nuclear technology is expected to provide clean energy solutions, enhancing India's position in emissions-sensitive markets such as the European Union.