Ahead of the Union Budget presentation on February 1, Jindal Stainless has called for the removal of import duties on critical raw materials, including molybdenum ore, while urging the government to maintain zero duties on pure nickel, ferro-nickel, stainless steel scrap, and mild steel scrap. Molybdenum, an essential component in producing high-strength, corrosion-resistant alloys, currently faces a 5% customs duty.
Abhyuday Jindal, Managing Director of Jindal Stainless, stated, “We recommend zero duties on critical raw materials like molybdenum ore, which are not available domestically, and continuing the duty exemptions on key materials like pure nickel and stainless steel scrap.”
To stimulate demand for stainless steel, Jindal emphasized the importance of maintaining a focus on infrastructure development, particularly in areas like inland waterways, rail infrastructure, and coastal shipping. Additionally, Jindal urged the government to raise the basic customs duty on stainless steel products from non-free trade agreement countries to 15% in order to protect the domestic industry from unfair competition posed by low-cost imports.
The company believes that the Union Budget should address these challenges to foster the growth of the stainless steel industry, which plays a vital role in India’s manufacturing sector and economic development. The Indian Stainless Steel Development Association (ISSDA) also backed the proposal, with President Rajamani Krishnamurti highlighting the industry’s contribution to infrastructure and sustainability. He suggested that prioritizing Life Cycle Cost Analysis in public projects could further enhance the sector’s global competitiveness. ISSDA remains hopeful that the 2025-26 Union Budget will unlock the full potential of the stainless steel industry, positioning it as a leader in sustainable and fair trade practices.
Jindal Stainless, India’s largest stainless steel manufacturer, stands as a global leader in the production and innovation of high-quality stainless steel solutions. With state-of-the-art manufacturing facilities in Hisar and Jajpur, the company caters to a wide range of industries, including automotive, infrastructure, railways, aerospace, and consumer goods.
Jindal Stainless is known for its emphasis on sustainability, focusing on recycling, energy efficiency, and eco-friendly processes to reduce its environmental footprint. Its extensive product portfolio, which includes flat and long stainless steel products, reflects the company’s commitment to quality and technological advancement. With a strong presence in both domestic and international markets, Jindal Stainless continues to drive progress and innovation in stainless steel applications while contributing to India’s industrial growth.
