Material Recycling Association of India (MRAI) has appealed the government to waive off import duty on metallic scrap for a minimum of six months to help the induction furnaces and electric arc furnaces (EAF) function smoothly.
Speaking at a webinar arranged by All India Induction Furnace Association on April 26, Sanjay Mehta the president of MRAI states downstream industries have suffered due to the pandemic, thus affecting steel demand and thereby domestic producers. He suggests that the Free Trade Agreement (FTA) should be put on hold for around six-nine months to boost sales by domestic steel producers and protect their interests. Additionally, it also requests the government to bear the employer contribution to the Employee Provident Fund (EPF) and Employee State Insurance (ESI).
The body on behalf of all steel manufacturers has also sought electricity tariff cut by Rs2/unit to lower the input cost to help the grappling industry.
Among other measures, MRAI suggests that Pradhan Mantri Awas Yojana housing scheme should resume as soon as possible. The move is likely to spur demand for ancillary industries like steel and cement. Davis Index had also reported earlier about MRAI urging the shipping industry to intervene after some shipping companies and Container Freight Stations (CFS) disregarded the government notification dated April 21 extending waiver of detention and demurrage charges.