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Abhyuday Jindal, Managing Director of Jindal Stainless Ltd (JSL), has urged the government to eliminate import duties on raw materials in the upcoming Union Budget. The move, Jindal believes, will establish a level playing field for the domestic stainless steel industry. Proposing the imposition of Basic Customs Duty (BCD) on imports, Jindal highlighted the impact of cheap and sub-standard stainless steel products from countries such as China and Vietnam on the domestic market.
Addressing long-standing industry concerns, Jindal emphasised the absence of certain raw materials like ferro nickel and ferro molybdenum in the country. Currently, a 2.5% import duty applies to ferro nickel and 5% to ferro molybdenum. The MD stressed the need for protectionist measures due to severe dumping from countries like China and Vietnam, putting pressure on MSMEs and hindering the stainless steel industry's path to self-reliance.
Referring to the Directorate General of Trade Remedies (DGTR) investigation, Jindal recommended the imposition of duties, citing DGTR's suggestion of up to a 19% duty on specific grades of dumped stainless steel in the Indian market. He urged continuing the government's earlier decision to remove import duties (2.5%) on some raw materials.
Highlighting the industry's growth potential with a CAGR of 8-9%, Jindal expressed concerns about MSMEs struggling against cheaper imports. Without protectionist measures, he warned that imports could exploit the growth opportunity. Expecting a growth-oriented budget, Jindal called on the government to address the concerns of the stainless steel industry.
Official data reveals India's status as a net importer of finished steel since July 2023, with concerns over MSME competitiveness against cheaper imports impacting the industry's trajectory.
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