Aluminium Industry seeks doubling of import duty
BHUBANESWAR : Battling cheap imports of aluminium metal from China and West Asia and plunge in LME (London Metal Exchange) prices, aluminium producers have demanded hike in import duty of the metal from five per cent to 10 per cent.
The demand for import duty hike was made under the banner of Aluminium Association of India.
"As an urgent measure on behalf of the domestic aluminium industries, we have urged the Government of India for an increase in import duty of aluminium metal to 10 per cent from the existing five per cent. Keeping in mind all the constraints, the urgent resolution of the issue will not only save the domestic aluminium industry but will also give a boost to the 'Make in India' campaign initiated by the Prime Minister", said Abhijit Pati, Chief Executive Officer (Aluminium), Vedanta Ltd.
"With the surge of more than 1.5 million tonne per annum (mtpa) import of aluminium to the country, the share of domestic producers in the market has dropped drastically to 45 per cent in 2014-15 from 60 per cent in 2010-2011 due to rising imports from China and West Asian nations", he said.
Source : dailyshippingtimes.com