EEPC India, ahead of the India’s Union Budget 2022-23, has suggested that the Indian government should consider including iron and steel products in the Remission of Duties and Taxes on Exported Products scheme to make exports more competitive as skyrocketing prices of primary raw materials have been hurting the industry. EEPC India Chairman Mr Mahesh Desai said “The manufacturers of the iron and steel products are finding it difficult to sustain their businesses. In spite of these price challenges they have been trying hard to survive as the majority of segments in this sector operates on minuscule margins and is in dire need of support from the government. It is therefore requested to extend the benefits of the RoDTEP scheme to the sector equivalent to existing ones under the MEIS scheme.”EEPC India has also proposed a reduction in customs duty on copper ores and concentrates from 2.5% to nil. Mr Desai said that “Sufficient availability of the ores at a competitive price would ensure reasonable prices of primary products in the domestic market. This will give good impetus to the manufacturing of downstream products ultimately resulting in the growth of exports of the downstream value added products.”
EEPC India, ahead of the India’s Union Budget 2022-23, has suggested that the Indian government should consider including iron and steel products in the Remission of Duties and Taxes on Exported Products scheme to make exports more competitive as skyrocketing prices of primary raw materials have been hurting the industry. EEPC India Chairman Mr Mahesh Desai said “The manufacturers of the iron and steel products are finding it difficult to sustain their businesses. In spite of these price challenges they have been trying hard to survive as the majority of segments in this sector operates on minuscule margins and is in dire need of support from the government. It is therefore requested to extend the benefits of the RoDTEP scheme to the sector equivalent to existing ones under the MEIS scheme.”EEPC India has also proposed a reduction in customs duty on copper ores and concentrates from 2.5% to nil. Mr Desai said that “Sufficient availability of the ores at a competitive price would ensure reasonable prices of primary products in the domestic market. This will give good impetus to the manufacturing of downstream products ultimately resulting in the growth of exports of the downstream value added products.”
