Even before the introduction of Budget 2020, companies associated with the stainless steel sector are demanding to reduce the basic customs duty from the government. Along with this, there has been talking of the government's emphasis on increasing the share of stainless steel in India, which should increase its demand. Stainless steel, being a value-added metal, is anti-corrosion, more strong, durable and economically profitable than general steel, aluminum, iron, etc. At the same time, we will have to increase domestic usage considerably.

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Stainless steel will play an important role
Stainless steel can play an important role in bringing India's economy to five billion US dollars. If the Indian Government-authorized National Infrastructure Policy (NIP) takes a promising step in this direction. The recent withdrawal of objections and deliberations by India over the RCEP treaty was a residential move for the domestic industry.

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Indian stainless steel is struggling with many problems
The Indian stainless steel industry is facing many problems. It is believed that in 'Cost of Capital' and 'Logistics Cost', stainless steel in India is facing a lot of problems due to unregulated exports from overproduced countries like China, Indonesia, etc. Indian companies, however, are unable to sell their products at a lower price than these, which has a direct impact on production and demand. The stainless steel that Indian companies manufacture is much better than in other countries. But due to increasing imports from countries with Free Trade Agreements (FTAs) approved by India, the Indian stainless steel industry is only able to utilize 55-60 percent of its full installed capacity. In such a situation, if Indian producers are seen globally, a level of trading level should be found.

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Only stainless steel reliable metal on the beach
The 7,500 km vast coastline of India needs a permanent and reliable metal as it is more prone to corrosion. Stainless steel stands up to the challenge with its multi-rupee features. We hope that in the upcoming budget, the Finance Ministry will understand the challenges of the Indian industry and share the best solution. It is expected that the import duty applicable on stainless steel raw materials like scrap, ferrochrome, graphite electrode, etc. will be scrapped as well as basic customs duty (BCD) on goods manufactured in stainless steel from 7.5 percent to 12.5 percent. The percentage will be brought at par with normal steel.