Aiding steel sector
Resource from: ADMISI Commodities Pvt. Ltd. Likes:170
Jul 15,2014
With a new Government coming to power with a decisive mandate, there were significant expectations form different sectors to boost economic growth. The gold and jewellery sector wanted relief as it suffers from import restrictions. The previous Government had imposed stiff import restriction on gold to control the Current Account Deficit (CAD).
The jewellery sector has demanded relaxation in the 80:20 import rules in which only nominated agencies are allowed to import gold with the condition that 20 per cent of the imported quantity must be exported.
The sector also demanded a cut on import duty from the current 10 per cent to two per cent. However, in the Budget speech, the Finance Minister made no mention of any relief measures for this sector.
The Government was still concerned of CAD spiralling out of control. Higher prices of gold futures in India indicated continuation of the old import duty rates and measures.
The Finance Minister increased the basic customs duty on imported flat-rolled stainless steel products from five per cent to 7.5 per cent to push the industry, which is suffering from under-utilisation of capacity. The Minister also proposed a slash in basic customs duty from 10 per cent to five per cent on forged steel rings, used in manufacturing bearings of wind-operated electricity generators.
Export duty on bauxite has increased from 10 per cent to 20 per cent. To boost domestic production of solar power modules, the Finance minister proposed exemption of Customs and excise duty for copper wires to be used in the solar power modules.
The Finance Minister also revealed intentions to revise the rate of royalty on minerals. He also proposed to rationalise customs duty on different types of coals at a common rate of 2.5 per cent.
In the chemicals sector, the Finance Minister proposed a cut in customs duty on ethane, propane, ethylene, propylene, butadiene and ortho-xylene from five per cent to 2.5 per cent; on methyl alcohol and denatured ethyl alcohol from 7.5 per cent to five per cent; and on crude naphthalene from 10 per cent to five per cent to encourage new investment and capacity addition in the chemicals and petrochemicals sector.
(ADMISI Commodities Pvt. Ltd.)
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