Reaction on Union Budget 2016 - Mr Sanjay Mehta

Mr Sanjay Mehta, President, Metal Recycling Association of India (MRAI)

"The Budget has brought down the customs duty on imports of brass scrap from 5% to 2.5%, which will help the brass scarp users for metal recycling. But the duties on imports of other categories of scrap such as steel scrap, stainless steel scrap, zinc scrap, lead scrap, aluminum scrap, copper scrap have not been reduced. For instance, Indian metal recycling industry imports 100% of its stainless steel scrap requirements and the industry was demanding to reduce the duty from the current rate of 2.5% to nil, which has not been considered. The Metal Recycling Industry could have received a major boost had the duties been rationalized, as these are vital raw material for secondary metal producers and are not available in India in required quantity."

Source : Equity Bulls

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