Financial Daily from THE HINDU group of publications
Wednesday, Mar 03, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 03, 2004 |
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Industry & Economy
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Metals Plea for duty cut on non-ferrous metals Our Bureau
Mumbai , March 2 THE Bombay Metal Exchange (BME) on Tuesday urged the Union Government to reduce the custom duty by 10 per cent and excise duty rates from 16 per cent to 8 per cent on copper and other non-ferrous metals such as zinc and aluminium under chapter 74. In a detailed representation to Mr Jaswant Singh, Union Finance Minister, highlighting the problems faced by downstream manufacturers especially small-scale units, Mr Ashok Bafna, President of the BME, said: "Non-ferrous metals are facing bullish trend in the London Metals Exchange. Prices are going haywire particularly in copper by almost 91 per cent in last 17 months. Many small and medium scale units using wire bar, cathodes and wire rods as inputs are almost on the verge of closure leading to lakhs of workers unemployed which will result in social unrest. "With the present higher LME, the cost of copper inputs by small scale industries has gone up by almost 60 per cent even after the recent reduction in basic customs duty on non-ferrous metals under chapter 74," he added. "Non-ferrous metals sector too facing similar situation like steel sector. The steel industry was experiencing difficulties due to steep rise in the prices of raw materials, the Government reduced customs duty from 20 per cent to 10 per cent on February 24, and again to 5 per cent as well as reducing the excise duty from 16 per cent to 8 per cent, thereby giving them relief," Mr Bafna said. "As our industry is placed in a similar situation, we requested the Government to consider the said duty structure by examining duty on all non-ferrous metals and extend us some relief for survival," Mr Bafna said.
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