As per the recent tweet of CNBC-TV18, the Aluminium Association of India writes to Finance Minister seeking import duty rationalisation; gives recommendations as part of Budget suggestions of the Aluminium sector.
ALUMINIUM ASSOCIATION OF INDIA WRITES TO FINANCE MINISTRY
- Seeks hike in aluminium scrap import duty to 10% from current 2.5%
- Seeks hike in import duty on downstream aluminium products to 10-12.5% from current 7.5-10%
- Seeks reduction in import duty of raw material for aluminium to 2.5%
- Raises concerns on high prices of critical raw material imports
- Cost of production has increased b/w 25-30% in the last 3-5 years
- 60% of India’s aluminium demand is being met through imports; India currently has a capacity of 4.1 MT