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Industry urges the Government to reduce customs duty on basic metals, said Shri Sandeep Aggarwal, Chair, Industry Affairs Committee, in a PHDCCI webinar on Industry Expectations from Union Budget

Speaking on the budget wish list from the industry, Shri Sandeep Aggarwal, Chair, IAC, PHD Chamber urges the Government to reduce customs duty on basic metals such as Steel, Copper, Aluminum to Zero percent and also allow a reduction in basic customs duty in ferrous Industry. He also appreciates the recent initiative of the government for extension of the reduced rate of performance security and PLI Scheme that would give impetus to the Indian companies to become more competitive in the global market and make India a global manufacturing hub in the coming times.

Our Guest of HonourDr. Ajay Dua, Former Secretary, DPIIT, Ministry of Commerce and Industry, Government of India, appreciated the government for collecting higher revenues without making disinvestments, which will be helpful to boost the aggregate demand by increasing rural expenditure. To revive aggregate demand, Shri Dua suggested providing 100 days employment under MNREGA without delays in the payments, increasing assistance amount under PM Kisan Yojana from Rs 4500 per month to Rs 5000 and continuing with PM Garib Kalyan Yojana with 5 kg food per person per month for the ration cardholders, which will continue to provide nutrition to children.

Shri Saket Dalmia, Senior Vice president, PHD Chamber, in his opening remarks, said that meaningful and proactive reforms undertaken by the Government in the last many quarters have pulled the economy from extreme lows. As the countdown begins for the Union Budget, industry members are hopeful this year budget would focus on refuelling consumption demand, enhancing private investments and creating avenues for employment creation.

Shri Vipin Vohra, Chair, Civil Aviation Committee PHD Chamber, suggested reducing the cost of doing business and exports becoming more expensive with increasing freight charges as the policy of Air Freight Station is applicable for customs. He also urges the government to establish centralized system for registration as GST registration becomes more painful and time-consuming. He also proposed to constitute a committee to reform Custom Act and make it more easy and more precise act. Further, he suggested services industry to be covered under Emergency Credit Line Guarantee Scheme (ECLGS) scheme as it also significantly contributes to revenue generation.

Shri Mohit Jain, Chair Haryana Committee, PHD Chamber, mentioned that the MSME sector exhibits its importance in promoting sustainable and inclusive development as well as generating large-scale employment and suggested that government should focus on giving funds for hydraulic biophysical products.

Shri Vishwanath, Co-Chair, Industry Affairs Committee, PHD Chamber stated that there should be ease to do business and import duty on PLI sector to be ease. He also showed concern about multiple GST registration and suggested that there should be centralized GST registration.

Shri Dev Goel, Co-Chair, MSME Committee, PHD Chamber, stated that there should be ease of manufacturing and urges the government for smooth electricity supply in the industrial areas. He suggested limiting part of the construction sector to control pollution instead of a complete shutdown.  Also, he emphasis on one nation one law and cited the example of the Haryana state.

Shri Vikram Agarwal, Co-Chair, Industry Affairs Committee, PHD Chamber, talk about polyer and plastic industry. He highlighted about the Indian producers are targeting to achieve 3% of the global plastics and polymers market by 2025. He urges the government to incentives the sector for adopting technology, which will help in reducing leakage of plastics into the environment and decoupling of plastics from fossil feedstock’s, giving rise to a circular economy.

Shri JP Mahlohtra, President, DLF Industries Association, said that there should be a peace of doing business at the national and state level along with ease of doing business. He mentioned that the tax rate should remain stable and suggested reducing the tax rate for the transportation and tourism sector. He raised his concern about rising environmental issues and compliance related to it and reducing GST for PNG.

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