JCB India – Views on Duty-related measures: A timely move by the govt
This is in reference to the announcement made on Saturday 21st May 2022, by the government around waiving of customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry. Also, the duty on exports of iron ore was hiked by 50 percent and on a few steel intermediaries to 15 percent.
Around the same announcement, Mr. Deepak Shetty – CEO and MD of JCB India is happy to share his views, as appended below –
“The industry, through various forums, had been bringing the issue of a sharp rise in commodity prices to the notice of the Government. This abnormal rise was not only increasing the input cost of finished products, but critically was also impacting the overall sentiment of the economy.
The recent interventions towards lowering of customs duty on select raw materials, and the reduction of import duty on Iron ore are strong steps in the right direction. Additionally, the lowering of Excise Duty on Diesel and Petrol will further improve the outlook.
We hope that this reduction in input costs will help drive infrastructure projects, particularly in the rural areas, leading to a strong revival of the economy”
