Zero Basic Customs Duty on Ferro Nickel
An investment of Rs.27,106 crores and downstream capacity creation of around 24 million tonnes are under the Production Linked Incentive (PLI) Scheme for Specialty Steel, Minister of State for Steel and Heavy Industries Bhupathiraju Srinivasa Varma said in a written reply in the Lok Sabha on 11 Mar.
The PLI is to promote the manufacturing of ‘Specialty Steel’ within the country and reduce imports by attracting capital investments, he said.
Further, a capex of Rs.1,111,111 crore, announced in the Union Budget FY 2024-25, has given thrust to infrastructure expansion which, in turn, has increased steel consumption, Varma added.
He also elaborated on initiatives:
a. Reduction in the Basic Customs Duty on Ferro Nickel, a raw material from 2.5% to zero, making it duty-free.
b. Extension of duty exemption on ferrous scrap up to 31 March 2026, in the Budget 2024.
c. Notification of Steel Scrap Recycling Policy to enhance the availability of domestically generated ferrous scrap.
Import Monitoring and Quality Control:
a. Revamping of Steel Import Monitoring System (SIMS) for effective monitoring of imports to provide granular details on imports to the domestic steel industry.
b. Introduction of Steel Quality Control Orders thereby banning sub-standard/ defective steel products in the domestic market as well as imports to ensure the availability of quality steel to the industry, users, and public at large. As per the Order, it is ensured that only quality steels conforming to the relevant BIS standards are made available to the end users.
As of date, 151 Indian Standards are notified under the Quality Control Order covering carbon steel, alloy steel, and stainless steel. Minister informed that the Ministry of Steel has released a comprehensive Report titled ‘Greening the Steel. The “Sector in India: Roadmap and Action Plan” provides the future roadmap for green steel and sustainability, towards net-zero target by 2070. Fiinews.com
