Capital goods industry demands zero duty on stainless steel imports due to falling Rupee.

KOLKATA: The Plant & Machinery and capital goods manufacturers have urged the government for zero duty on stainless steel and special steels due to fall in the rupee value.

"The Capital Goods manufacturing companies exporting Process Plant machinery have been demanding removal of import duties on import of stainless steel hot rolled sheets, coils and cold rolled products. Government had imposed anti dumping duties as well on imports originating from European Union , South Korea, Taiwan and USA and South Africa despite the fact that there are so many grades and forms which are presently not manufactured in India" said Mr V.P.Ramachandran , Secretary General, Process Plant and Machinery Association of India (PPMAI).

"The continuing depreciation of Indian currency against US dollar since one year and the steep depreciation in past one week by 10% has already given a protection margin of over 30% to the domestic manufacturers. Capital goods industry has to import products as per International quality which are not produced in India and therefore imposition of duty is a disadvantage to us" he added.

The capital goods industry manufactures equipments for critical segments of infrastructure and are end users of specific grades and sizes of stainless steel for catering to energy, oil and gas, desalination, nuclear energy, automotive, infrastructure projects and the petrochemicals industry.

Source : economictimes.indiatimes.com