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Our Bureau

New Delhi , Nov. 25

THE PHD Chamber of Commerce and Industry has asked the Government to reduce the excise duty on iron and steel to eight per cent from the present 16 per cent. The reduction would help the domestic industry to be globally competitive, says the chamber.

The excise was reduced in February last year to eight per cent but was again increased to 16 per cent in March this year. The chamber says that the prices of steel had firmed up significantly in 2004-05 and the price fluctuation had hurt the economy of main and secondary producers of steel.

In a memorandum to the Finance Ministry, the chamber has also urged the Government to provide protection to the cast iron pipe industry. It has sought exemption from payment of excise duty. This would help the industry from extinction, says the chamber. Pig iron, used as raw material for the cast iron pipe industry, attracts 16.32 per cent, which needs to be brought down as this product is essential for basic infrastructure of the economy.

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