Jindal Stainless Advocates for Import Duty Reforms Ahead of Union Budget

Jindal Stainless has proposed eliminating import duties on key raw materials like molybdenum ore ahead of the Union Budget presentation. The company emphasizes the need for zero duties on essential imports and suggests increasing customs duties on stainless steel products to protect the domestic industry.

In anticipation of the Union Budget, Jindal Stainless has made a plea to reduce import duties on critical raw materials, notably molybdenum ore, down to zero. The company also recommends maintaining the existing zero duties on vital imports like pure nickel, ferro-nickel, and stainless steel scrap.

Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget on February 1, which could have significant implications for the stainless steel industry, a crucial part of India's manufacturing sector.

The company calls for government support to boost stainless steel demand by focusing on infrastructure development and securing key raw materials, in line with its vision for a robust domestic industry amidst concerns over low-priced imports.

(With inputs from agencies.)