Last Updated: 5/21/2025 11:39:00 PM
IIF has been actively engaging with various govt. Deptt. pertaining to issues facing the foundry sector. In the recent detailed meeting with the Deptt. of Industrial Policy & Promotion, Ministry of Commerce & Industry, following major issues were taken up. Several of these have been accepted by the nodal Ministry as mentioned in their letter dated 25th June 2014 and they have forwarded their positive recommendations to the concerned Ministries for further perusal. Some of the major points are as below. a) Abolition of import duty and SAD on metal scrap b) Ban on export on Iron Ore / enhance export duty on export of Iron Ore. c) Investment support for Investment in new plant and machinery for boosting manufacturing. d) Promotion of recycling of natural resources such as sand. e) Accelerated depreciation on sector specific selected equipment f) Duty free import of sector specific selected equipment not manufactured in India. g) Redefine MSMEs by raising the upper CAP on investment in plant and machinery for the purpose of definition of MSMEs. h) Revisit credit link capital subsidy scheme and simplify procedure i) Extension and expansion of interest subvention scheme. j) Abolition of ADD on Phenol
