On the announcement made by the government on waiving of customs duty on import of select raw materials, including coking coal and ferronickel, used by the steel industry and also on the hike on exports duty on iron by 50 percent and on a few steel intermediaries to 15 percent, Deepak Shetty, CEO and MD of JCB India, said “The industry, through various forums, had been bringing the issue of a sharp rise in commodity prices to the notice of the Government. This abnormal rise was not only increasing the input cost of finished products, but critically was also impacting the overall sentiment of the economy.
The recent interventions towards lowering of customs duty on select raw materials, and the reduction of import duty on Iron ore are strong steps in the right direction. Additionally, the lowering of Excise Duty on Diesel and Petrol will further improve the outlook.
We hope that this reduction in input costs will help drive infrastructure projects, particularly in the rural areas, leading to a strong revival of the economy"
