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Jindal Stainless Ltd. (JSL) Managing Director Abhyuday Jindal had this to say on Thursday. Finance Minister Nirmala Sitharaman presented the general budget for the year 2023-24 in Lok Sabha on Wednesday.
New Delhi. The exemption of scrap iron and stainless steel in the budget is a great relief for the stainless steel industry which is facing a shortage of raw materials. Jindal Stainless Ltd. (JSL) Managing Director Abhyuday Jindal had this to say on Thursday. Finance Minister Nirmala Sitharaman presented the general budget for the year 2023-24 in Lok Sabha on Wednesday. In his Budget speech, the Minister of Finance proposed continuing the exemption from the Basic Customs Law (BCD) for raw materials for the manufacture of cold-rolled Grain Oriented Steel (CRGO), scrap steel and nickel cathode, providing material premium to the sector.
Jindal said: “We are grateful to the Finance Minister for continuing the exemption for scrap iron and stainless steel. This is a gift to our region. Raw material is not available or not enough in the country of origin and the industry still has to compete with fully finished import duty free products on the market.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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