“Earlier budgets had lowered the import duty from 5% to 2.5%. A case for completely doing away with the basic customs duty has been made to the finance ministry for inclusion in Budget 2025-26,” a senior government official told ET.
Import of copper scrap in the first seven months of the current fiscal increased by 33.42% year-on-year to touch ₹11,476.76 crore. During this period, Saudi Arabia remained the largest source country, exporting copper scrap worth ₹2,208.43 crore to India.
Import duty on copper scrap was reduced to 2.5% in the budget for 2021-22. The current year’s budget has maintained the concessional customs duty on copper while completely doing away with it for other critical minerals such as lithium.
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This was done to promote recycling in the country as the basic raw materials will become economical.
“While copper is not a categorised as a critical mineral in India, it finds application across industries driving up its value,” the official said. “The push for domestic electric vehicle (EV) and electronics manufacturing has also raised its demand.”
According to industry representatives, the savings in custom duties will help to invest in modern recycling technologies, enabling industry to improve the quality of recycled copper.
Content Source: economictimes.indiatimes.com