Business EconomyPosted at: Oct 7 2022 8:37PM


EEPC India urges govt to roll back export duty on certain stainless steel

New Delhi, Oct 7 (UNI) Engineering Export Promotion Council (EEPC) India has proposed to the government to roll back the 15 percent export duty on certain stainless steel, claiming that as it has dampened Indian interest and endangered the survival of Indian stainless-steel "SS" producers.

In a meeting with Commerce Minister Piyush Goyal, EEPC India Chairman Mahesh Desai noted that SS Bars have very low domestic consumption and have not contributed to the domestic inflationary situation, an official statement said on Friday.

Desai said withdrawal of export duty will be especially helpful for the MSMEs who have a significant contribution in India’s engineering exports.

The EEPC Chairman requested the minister to relook at the rates under RoDTEP and give a full rebate on the taxes that still remain in the export production chain.

It was also recommended to include the steel sector under RoDTEP as steel is the most widely used raw material in the engineering industry, the statement said.

The imposition of export duty is one of the key reasons India's engineering exports have shown a downward trend in the last few months and plummeted as much as 17 percent in the month of September.

Among other key suggestions, the EEPC India Chairman proposed that MSMEs should be offered advances at a rate that would be lower than MCLR (Marginal Cost of Funds Based Lending Rate) and RLLR (Repo Linked Loan Rate) so that they don’t run out of funds and can sustain a business, the statement added.
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