Budget 2023: Industry Body Seeks Increase In Import Duty Of Aluminium, Aluminium Products

The aluminium industry in India has been struggling with a slump in demand. (Representational)New Delhi: Industry body Ficci has sought an increase in the import duty on aluminium and aluminium products to at least 12.5 per cent in the upcoming budget 2023-24, stating that the move will help curb dumping of aluminium products and encourage growth of the domestic manufacturing and recycling.The present import duty on aluminium and aluminium products is 10 per cent. Aluminium, a resilient metal that retains its fundamental properties even when recycled, is widely utilised.However, in recent years, there has been a visible surge in subpar aluminium imports, especially from China which constitutes over 85 per cent of downstream aluminium imports at present, Ficci said in a statement.Moreover, India is also seeing aluminium imports from the US, the UK, Malaysia and the Middle East. Several of these nations support their domestic industries with concessions and benefits, including low interest loans and cheaper power tariffs.The aluminium industry in India has been struggling with a slump in global demand, rising production and logistic costs, a deluge of imports, and declining market share.At present, over 60 per cent of India’s demand for aluminium is being met through imports.Ficci has also demanded rationalising the inverted duty structure on several key materials from 7.5 per cent to 2.5 per cent to encourage domestic manufacturing and combat the dumping of imports.It has also recommended elimination of cess on coal in a bid to support highly power-intensive industries like aluminium.Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget in the Lok Sabha on February 1. PTI SID MR(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)Featured Video Of The DayWhy 5G Is Critical For India’s Economic Growth



Source link