Duty Reforms in Union Budget 2024-25 to Boost Competitiveness for the Stainless-Steel Sector, Says Synergy Steels - World News Network

SMPL
New Delhi [India], August 6: Synergy Steels, one of India’s leading stainless-steel manufacturers, applauded the Union Budget for FY 2024-25, presented by the Finance Minister on July 23, 2024. The company’s leadership expressed optimism about the industry’s prospects, as the budget addresses several key expectations of the steel and stainless-steel sectors, potentially stimulating growth and enhancing competitiveness in the industry.
Subhash Chand Kathuria, Managing Director of Synergy Steels, commended the government’s strategic fiscal decisions, particularly highlighting the elimination of Basic Customs Duties. He stated, “The government has delivered a budget that addresses key industry concerns. The removal of duty structures on essential raw materials like ferro-nickel from 2.5 per cent to zero, coupled with the continuation of nil duty on ferro-scrap until 2026, marks a sense of relief for the producers.”
Moreover, he emphasized, “The stainless-steel industry eagerly anticipates the detailed roadmap for hard-to-abate industries announced in the budget. As sustainable financing for cleaner manufacturing processes and technologies remains at the forefront of global industrial priorities, this initiative promises to revolutionize our approach to sustainable production.”
Anubhav Kathuria, Director of Synergy Steels, emphasized the significance of removing Basic Customs Duty on ferro-nickel, noting its potential to optimize raw material costs for the stainless-steel industry. “The budget has brought positive announcements for the country’s stainless-steel industry. The removal of Basic Customs Duty on ferro-nickel is crucial, as raw materials account for 70 per cent of the total cost of sales and are the single largest cost component for stainless steel producers. Ferro-nickel is one of the key raw materials for stainless steel, and the industry largely relies on imports due to a lack of domestic availability. Therefore, the removal of the BCD should reduce the cost of production. Additionally, the decision to fully exempt duties on 25 critical minerals, including molybdenum, is welcomed by the stainless-steel industry.”
“The government’s decision to provide financial support for developing indigenous capacity for high-grade steel is also welcomed. However, the industry hopes that such support will also be made available for strengthening the country’s high-grade stainless steel offerings,” he added.
In tandem, the capital expenditure push of Rs 11.11 lakh crores for infrastructure, including railways, highways, and airports, is set to generate employment and enhance the overall productivity of the steel and stainless-steel sectors. As a key player in India’s stainless-steel industry, Synergy Steels reaffirms its dedication to the nation’s economic growth and infrastructure development. The company eagerly anticipates the implementation of these budget provisions and their positive impact on the broader steel industry.
Established in 1973, Synergy Steels specializes in long stainless steel products. The company’s diverse product portfolio includes billets, wires, wire rods, stainless steel rebars, and bright bars, among other products. Synergy Steels operates state-of-the-art facilities across India, boasting a combined capacity exceeding 250,000 tonnes. Emphasizing quality, the company upholds rigorous safety standards. Synergy Steels’ products cater to sectors such as construction, infrastructure, energy, and manufacturing, supplying renowned processing mills across India and global markets. Committed to social responsibility and sustainable practices, the company prioritizes Environmental, Social, and Governance (ESG) initiatives. Certified with ISO 9001:2015, Synergy Steels Limited maintains cutting-edge industrial infrastructure featuring advanced, technology-driven machinery. Located in the Matsya Industrial Area of Alwar, Rajasthan, Synergy Steels is renowned for its stainless steel and rolling mills, epitomizing excellence in the industry.
For more information, please visit: https://synergysteels.com/
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