At a time when the government is assessing its trade relations with other countries and trade blocks, it is also necessary to boost domestic manufacturing by reducing high input costs. The Indian stainless steel industry has reached an inflection point where support from the government, for availability of raw materials at zero duty, will help preserve its competitiveness. We urge the government to not see the duty on raw materials as a revenue source; rather, consider the larger vision of higher manufacturing growth resulting in job creation, a push for the ‘Make in India’ drive, and contribution towards the US$ 5 trillion Indian economy target by 2024.
Expectations from Union Budget — Need to boost domestic manufacturing by reducing high input costs: K K Pahuja
The Union Budget 2020-21 is important on the backdrop of the current economic slowdown. It is expected to play a crucial role in pumping in enthusiasm and set the right tone for the coming financial year. Here is the industry’s view point.
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