Ahead of the Budget
2024-25, Jindal Stainless, India’s largest stainless steel manufacturer, today
sought continuation of zero customs duty on stainless steel scrap and steel
scrap besides pure nickel.
In his Budget
recommendation, Managing Director,
Jindal Stainless, Mr Abhyuday Jindal, said, "As we approach the Union
Budget for 2024-25, we request continued support from the Ministry of Steel. In
particular, we propose a long-term exemption of basic customs duty on ferro
nickel and ferro molybdenum to ensure the industry's access to this important
raw material at competitive rates. Additionally, we advocate for the
continuation of zero customs duty on stainless steel scrap and steel scrap,
besides pure nickel. We also request continuing export duty of 30% on exports
of chrome ore from the country. The issue of dumping and substandard imports
from China, especially 200 series grades, is a well-established challenge. To
address this issue, we propose the establishment of fixed tariff values for
stainless steel and also amendment of the trade remedial laws to delete the
“lesser duty rule” and impose duty based on subsidy margin/dumping margin.”
The recommendations aim at
making the Indian stainless steel industry resilient, thereby aligning with the
Hon’ble Prime Minister’s vision of an Atmanirbhar Bharat.
Jindal Stainless is
confident that these proposals will help the stainless steel industry thrive.
The company plans to generate ~1.9 billion units of clean energy per annum
through renewable energy initiatives. Jindal Stainless is set to achieve its
mid-term target of 50% carbon emissions reduction well before the target year
of 2035, as it marked its presence at the United Nations Confederation of Parties
(COP) 28 climate summit for the first time.
