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[ferro-alloys.com] The plant & Machinery and capital goods Manufacturers in India have demanded zero per cent duty on stainless steel and special steel due to steep devaluation of Indian Rupee .

Mr VP Ramachandran Secretary General of Process Plant and Machinery Association of India said “The Capital Goods manufacturing companies exporting Process Plant machinery have urged the Union Ministry of Finance and Commerce to remove duties on import of high grade stainless steel hot rolled sheets, coils and cold rolled products not currently manufactured in India. Government had imposed anti dumping duties as well on imports originating from European Union, South Korea, Taiwan and USA and South Africa despite the fact that there are so many grades and forms which are presently not manufactured in India.”

He added “We are manufacturers of capital equipments for critical segment of infrastructure and are the end users of specific grades and sizes of stainless steel for catering to energy, oil and gas ,desalination, nuclear energy, automotive,infrastructure projects and chemical industry,”

He also said “The continuing depreciation of Indian currency against US Dollar since one year and the steep depreciation in past few weeks by 20% has already given a protection margin of over 40 % to the domestic manufacturers . Capital goods industry has to import products as per International quality which is not produced in India and therefore imposition of duty is a disadvantage to us.”

He urged “Nation has set the agenda to create excellent infrastructure which means investments in petrochemical, water treatment, Energy, Oil & Gas, Automobiles, Heavy Equipment manufacturing for the emerging critical segments of nation. Our members manufacture equipments for these segments in India and also to meet the competitive global demand through exports.”

• [Editor:editor]