July 19, 2024 07:20:09 PM
The appeal comes as the newly elected Indian government is getting ready to present its first budget.
SEATTLE (Scrap Monster): India-headquartered recycling trade body, the Material Recycling Association of India (MRAI), has urged the country’s government to remove the import duty on non-ferrous metal scraps, including aluminum, copper, lead zinc and brass. The association believes that such a move is likely to promote sustainability in the sector. The appeal comes as the newly elected Indian government is getting ready to present its first budget.
The Association, in a letter addressed to the Finance Minister, noted that the aluminum recycling industry is currently burdened with 2.5% import duty on aluminum scrap. This should be reduced to zero, it urged. The projected higher GDP growth, coupled with anticipated infrastructure development, is expected to drive demand for aluminum in the country over the coming years.
Sanjay Mehta, President, MRAI noted that if customs duties are applied on scrap imports, then corresponding export duties on primary products should also be introduced. Recycling of metals plays a key role in combating climate crisis, by substantially reducing the use of raw materials, thus preserving valuable natural resources.
The import duty on scrap will only decelerate the country’s efforts in attaining its sustainability goals, MRAI said.