Zero duty to lower operation costs in Recycle Industry
The Indian recycled metal market, which generated US$28.9 million in 2023, is projected to reach US$38 million by 2030, growing at a CAGR of 4% from 2024 to 2030, delegates heard at the industry growth drivers at the 12th International Material Recycling Conference (IMRC) http://worldsteel.org.
The Indian non-ferrous metal industry is currently valued at US$18 billion and is projected to reach US$30 billion in the next five years, according to Dhawal Shah, Senior Vice President of MRAI.
“Renewable energy, automotive, and packaging sectors offer immense growth potential,” he said at the IMRC held from 28-29 Jan at the Novotel Jaipur Convention Centre by the Material Recycling Association of India (MRAI) https://www.bseindia.com/.
Shah also called for a national campaign—’Recycling India’—to raise awareness and open doors to new opportunities in the sector.
“Our vision is to see India emerge as a global leader in sustainable resource management,” he underlined https://www.nseindia.com/.
The zero-duty policy is expected to lower operational costs and encourage greater recycling activities, reinforcing India’s circular economy.
In a landmark decision, the Government has reduced the basic customs duty on non-ferrous scrap to zero percent, marking a major breakthrough for the recycling industry https://sbi.com.in/.
The duty exemption applies to key materials such as Lead, Zinc, Copper, Brass, and Lithium-Ion Battery Scrap, providing a boost to India’s circular economy and sustainable manufacturing sector.
The event strengthened India’s dedication to a circular economy and sustainable resource management., emerged as a critical forum for industry leaders, policymakers, and global stakeholders to address the challenges and opportunities in India’s recycling sector https://www.iea.org/.
With 2,500 delegates, 400 foreign participants, 200 exhibitors, and representatives from over 50 countries, the 12th IMRC marked a defining moment in India’s sustainable recycling journey, MRAI said on 22 Feb in a roundup of the conference. Fiinews.com
