With an aim to promote the circular economy, the Material Recycling Association of India (MRAI) has recommended the government to abolish the 2.5 per cent import duty on aluminium scrap. It said the proposed measure would reduce input costs for recyclers and downstream manufacturers, thereby enhancing their global competitiveness.
Highlighting heavy dependence on overseas supplies, the industry body noted that nearly 80 -85 per cent of India's aluminium scrap needs are met through imports. It said making uninterrupted access to imported scrap is indispensable for sustaining domestic manufacturing and the growth of the recycling industry.
MRAI also pointed out that aluminium scrap remains the only major base metal scrap that continues to attract import duty in India, whereas copper, zinc and lead scrap have already been exempted. The body said countries such as Thailand, Malaysia, Indonesia, Japan and South Korea permit duty-free imports of aluminium scrap, giving their recycling industries a significant cost advantage.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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