Indian domestic stainless steel industry seeks stronger support from the government

Business Standard reported that Indian domestic stainless steel industry seeks stronger support from the government as it hopes for an upward revision of basic customs duty for stainless steel, bringing it at par with duty on primary steel products, which currently attracts a 12.5% levy.

Mr NC Mathur, independent director at Jindal Stainless (Hisar) told Business Standard “We are hoping that the government, would further support this industry in a similar manner as it has done for the carbon steel producers (primary steel makers) where they were protected with series of duties while we (stainless industry) were left high-and-dry.”

He said “Stainless steel producers, just like primary steel producers also have exposure to banks and this duty will only place us in a better position to service our debt.”

Currently, stainless steel imports draw a basic customs duty of 7.5%.

By www.kaysuns.com