Budget 2024: Jindal Stainless seeks zero customs duty on ferro nickel

Jindal Stainless has urged the government to remove the customs duty on ferro nickel and molybdenum in the upcoming Budget to ensure the industry's access to these critical raw materials at competitive prices.

The present customs duty on ferro nickel is 2.5 per cent, while in the case of ferro molybdenum, it is 5 per cent.

"We propose a long-term waiver of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to these essential raw materials at competitive prices," Jindal Stainless Ltd (JSL) Managing Director Abhyuday Jindal said.

Jindal, on behalf of the stainless steel industry, urged the government to continue its support towards making the "Make in India" initiative competitive with incentives for innovation and sustainable practices.

Reducing import duties on raw materials and offering tax benefits for research and development would greatly benefit the sector, he said.

Finance Minister Nirmala Sitharaman will table the full budget for FY25 in