Budget 2024: Jindal Stainless seeks zero customs duty on ferro nickel

Jindal Stainless has urged the government to remove the customs duty on ferro nickel and molybdenum in the upcoming Budget to ensure the industry's access to these critical raw materials at competitive prices.

The present customs duty on ferro nickel is 2.5 per cent, while in the case of ferro molybdenum, it is 5 per cent.

"We propose a long-term waiver of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to these essential raw materials at competitive prices," Jindal Stainless Ltd (JSL) Managing Director Abhyuday Jindal said.

Jindal, on behalf of the stainless steel industry, urged the government to continue its support towards making the "Make in India" initiative competitive with incentives for innovation and sustainable practices.

Reducing import duties on raw materials and offering tax benefits for research and development would greatly benefit the sector, he said.

Finance Minister Nirmala Sitharaman will table the full budget for FY25 in Parliament on Tuesday.

The industry has also sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel, and the maintenance of the 30 per cent export duty on chrome ore, Jindal said.

The MD further said there is an urgent need to address the long-standing issue of dumping subsidised and low-quality imports from China through suitable measures against such Chinese products to ensure a level playing field.

"There are several high hopes pinned on the Union Budget by individuals and businesses. As we anticipate the first comprehensive budget of the year, I look forward to another growth-oriented budget, especially that boosts manufacturing and infrastructure, essential pillars for our nation's progress," Jindal said.

Jindal Stainless is the country's largest stainless steel manufacturing company, having an installed capacity of around 3 million tonnes.