Stainless steel sector has voiced major distress before the government, ahead of the full budget presentation on July 5. The Indian Stainless Steel Development Association (ISSDA), India's apex stainless steel industry body, has sought an immediate custom duty relief on importing key raw materials that can help boost domestic stainless steel production. As a key recommendation in its submission to the government, ISSDA has apprised that ferro- nickel and stainless steel scrap attract an import duty of 2.5% each and are unavailable in the country; hence need to be necessarily imported. This elevates the overall cost of stainless steel production in the country. Commenting on the subject, President, ISSDA, Mr K K Pahuja, said, "The Indian stainless steel industry is at an inflection point. Government support for availability of raw materials at zero duty will provide the much required relief to the domestic stainless steel industry, as it is currently ailing due to this high input cost burden resulting in non- competitive products. ISSDA has worked out that any revenue loss due to relieving basic customs on ferro-nickel and stainless steel scrap will be more than made up by a higher domestic production and its subsequent effects on the economy. The new government has rightly embarked on giving a big push to industrial growth. We urge the Ministry of Finance to not see the duty on raw materials as a revenue source; rather, consider the larger vision of kick-starting invincible economic growth along with higher manufacturing growth and job creation."
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