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As the Indian economy pushes forward to grow at 9 per cent and above over the next few years, a key challenge for the country would be to rebalance its energy needs in favour of renewable sources by 2030 to 50 per cent as per the Paris agreement. This is where the <keyword id="44891" type="General" weightage="80" keywordseo="aluminium" source="Orion">Aluminium</keyword> sector will play a greater than ever before role. Extensive growth in electric vehicles, renewables, modern infrastructure, energy efficient consumer goods and greater dependence on strategic sectors such as aerospace and defence, will drive Aluminium consumption to grow at CAGR of 10 per cent or more. For example, Aluminium usage in EV battery is 40-50 per cent more than a normal ICE. Being 3 times lighter than steel it aids in fuel efficiency making it an efficient choice for EVs. However, the Indian aluminium industry is struggling to revive itself over the last two years following the unprecedented Covid pandemic. The declining domestic producers market share with surging imports coupled with significant cost escalation for primary producers due to a rise in input costs of critical raw materials, escalating ocean freights &amp; logistics costs due to container shortage, current coal crunch situation etc, is restricting the industry's ability to support the future of the country at a time when India cannot rely on import sources alone to fuel this growth. To give relief to the sector, there is a need for urgently looking at the duty structure. The basic custom duty on Aluminium and <keyword id="1865776" type="General" weightage="50" keywordseo="aluminium-scrap" source="Orion">Aluminium scrap</keyword> is not in line with other non-ferrous metals like Zink, lead, nickel and tin which is a huge disadvantage for domestic Aluminium producers. The industry expects increase in tariff rate of basic custom duty or peak custom duty rate from existing 10 per cent to 15 per cent. Currently custom duty on Primary Aluminium is 7.5 per cent, Downstream Aluminium is 7.5 per cent to 10 per cent and Aluminium <keyword id="6374716" type="General" weightage="100" keywordseo="scrap" source="Orion">scrap</keyword> is only 2.5 per cent. This is the reason why despite having significant presence of primary Aluminium capacity and potential to generate sufficient domestic scrap, India's consumption of scrap is 100 per cent import dependent. The way forward is to increase custom duty on Aluminium srap from 2.5 to 10 per cent. Primary aluminium industry is facing severe threat from the increasing import of Aluminium scrap. The share of scrap in total imports increased from 52 per cent in FY-16 to 66 per cent in FY-21. resulting in Forex Outgo of $2 billion (Rs 15,000 crore). What is also affecting the Indian industry is China's renewed measures to restrict Scrap imports through National Sword Policy, which is leading to greater inflow of scrap into India. China imposed 25 per cent duty on Aluminium Scrap imports from USA, and classified Aluminium Scrap in restricted import list from July, 2019, with plan to completely ban all scrap and waste imports. Post that the share of import from the US in China's total Aluminium scrap imports has declined from 53 per cent in 2017 to just 16 per cent in 2019. India has overtaken China as world's largest aluminium scrap importer due to Chinese measures. As a result, entire global scrap chain is shifted to India in absence of any quality or BIS standards for scrap recycling/ usage and imports in the country. A major threat is from US scrap imports, as US is diverting large volume of scrap to India, since EU and other developed countries have stringent standards for scrap. The import from US as share of India's total scrap imports increased from 8 per cent in FY16 to 24 per cent in FY21. This precarious situation can be resolved by safeguarding the domestic industry against these non-essential imports in the upcoming union budget. The industry demands increasing the basic custom duty on Chapter-76 (Aluminium &amp; articles). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/widening-tax-base-should-be-a-focus-area-in-the-union-budget-says-primus-research/articleshow/89093457.cms">Widening tax base should be a focus area in the Union Budget, says Primus Research</a>

Aluminum industry wants custom duty on scrap to be increased to 10% to protect domestic companies

New Delhi, Jan 12 () The aluminium industry has urged the government to reduce the basic customs duty on critical raw materials like aluminium fluoride, stating that high import duties are a huge disadvantage as they make Indian finished goods costlier and uncompetitive in the international markets.
 "To improve the cost structure of the Indian Aluminium industry and enhance competitiveness, it is requested to reduce the basic custom duty on the...critical raw materials," the Aluminium Association of India (AAI) said.
 In its suggestions to the government for the upcoming Union Budget 2020-21, the aluminium industry said the basic customs duty on raw materials like aluminium fluoride, caustic soda lye and green anode/pre-baked carbon anode should be reduced to 2.5 per cent from current 7.5 per cent.
 "The high import duties on raw materials is a huge disadvantage for domestic aluminium producers which are heavily dependent on imported raw materials. It results in Indian finished goods (getting) costlier and uncompetitive in international markets, rendering negative protection against cheaper imports of finished products, and discourages domestic value addition within the country," it said.
 AAI has also suggested to the government to increase import duty on "aluminium scrap (HS Code 7602)" at par with primary aluminium metal to 10 per cent from the present 2.5 per cent in a bid to encourage recycling of domestic scrap and restrict increasing scrap imports.
 The primary aluminium industry is facing severe threat from the increasing import of aluminium scrap, which constitutes around 58 per cent of the total aluminium imports in FY 2019-20, resulting in forex outgo of Rs 17,200 crore, it said.
 AAI has also asked the government to eliminate high cess on coal (Rs 400/MT) to support the power intensive industries like aluminium and retain competitiveness of the domestic industry.
 Finance Minister Nirmala Sitharaman will be presenting her second Union Budget on February 1. SID ABM
ABM

Aluminum industry urges govt to reduce basic customs duty on critical raw materials

Mumbai, Feb 11 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap422 Gun Metal Scrap340Copper scrap heavy417 Brass honey290Copper armature409 Copper Billets450Copper sheet cuttings406 Aluminium Ingots 141Copper utensils scrap392 Zinc172Brass sheet cuttings326 Lead150Brass utensils scrap321Tin1240Aluminium utensils scrap 105 Nickel980Alum. Ext. Scrap120 C C ROD 437----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3272/3402 Sugar quality M-30 (PER QUINTAL): 3390/3602--------MUMBAI:-BLACK PEPPER RD355/411GINGER BLEACHED----GINGER UNBLEACHED265COPRA OFFICE ALAPUZHA 11600COPRA OFFICE KOZHIKODE 11400COPRA RAJAPUR MUMBAI14000COPRA EDIBLE MUMBAI12600COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1620 T.P---------- MUMJMF JMF

COMMODITY-PRICES

Mumbai, Feb 5 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap421 Gun Metal Scrap340Copper scrap heavy416 Brass honey290Copper armature407 Copper Billets449Copper sheet cuttings403 Aluminium Ingots 144Copper utensils scrap392 Zinc176Brass sheet cuttings320 Lead150Brass utensils scrap305Tin1235Aluminium utensils scrap 106 Nickel975Alum. Ext. Scrap122 C C ROD 436----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3262/3402 Sugar quality M-30 (PER QUINTAL): 3382/3602--------MUMBAI:-BLACK PEPPER RD370/430GINGER BLEACHED----GINGER UNBLEACHED275COPRA OFFICE ALAPUZHA 11600COPRA OFFICE KOZHIKODE 11400COPRA RAJAPUR MUMBAI14300COPRA EDIBLE MUMBAI12600COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1620 T.P---------- MUMJMF JMF

Mumbai, Feb 10 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap421 Gun Metal Scrap340Copper scrap heavy416 Brass honey290Copper armature409 Copper Billets449Copper sheet cuttings404 Aluminium Ingots 141Copper utensils scrap390 Zinc174Brass sheet cuttings325 Lead150Brass utensils scrap310Tin1240Aluminium utensils scrap 105 Nickel970Alum. Ext. Scrap120 C C ROD 437----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3262/3402 Sugar quality M-30 (PER QUINTAL): 3382/3602--------MUMBAI:-BLACK PEPPER RD360/421GINGER BLEACHED----GINGER UNBLEACHED270COPRA OFFICE ALAPUZHA 11600COPRA OFFICE KOZHIKODE 11400COPRA RAJAPUR MUMBAI14000COPRA EDIBLE MUMBAI12600COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1620 T.P---------- MUMJMF JMF

Mumbai, Feb 12 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap424 Gun Metal Scrap340Copper scrap heavy418 Brass honey290Copper armature411 Copper Billets452Copper sheet cuttings408 Aluminium Ingots 141Copper utensils scrap394 Zinc172Brass sheet cuttings328 Lead150Brass utensils scrap311Tin1242Aluminium utensils scrap 105 Nickel975Alum. Ext. Scrap120 C C ROD 438----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3272/3382 Sugar quality M-30 (PER QUINTAL): 3360/3602--------MUMBAI:-BLACK PEPPER RD355/411GINGER BLEACHED----GINGER UNBLEACHED265COPRA OFFICE ALAPUZHA 11500COPRA OFFICE KOZHIKODE 11300COPRA RAJAPUR MUMBAI13800COPRA EDIBLE MUMBAI12500COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1620 T.P---------- MUMJMF JMF

Mumbai, Feb 6 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap423 Gun Metal Scrap340Copper scrap heavy420 Brass honey290Copper armature412 Copper Billets451Copper sheet cuttings408 Aluminium Ingots 141Copper utensils scrap394 Zinc177Brass sheet cuttings325 Lead150Brass utensils scrap312Tin1245Aluminium utensils scrap 105 Nickel980Alum. Ext. Scrap120 C C ROD 442----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3262/3402 Sugar quality M-30 (PER QUINTAL): 3382/3622--------MUMBAI:-BLACK PEPPER RD370/430GINGER BLEACHED----GINGER UNBLEACHED275COPRA OFFICE ALAPUZHA 11600COPRA OFFICE KOZHIKODE 11400COPRA RAJAPUR MUMBAI14000COPRA EDIBLE MUMBAI12600COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1620 T.P---------- MUMJMF JMF

Mumbai, Mar 6 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap423 Gun Metal Scrap337Copper scrap heavy419 Brass honey285Copper armature408 Copper Billets451Copper sheet cuttings390 Aluminium Ingots 145Copper utensils scrap406 Zinc161Brass sheet cuttings303 Lead145Brass utensils scrap323 Tin1305Aluminium utensils scrap 107 Nickel975Alum. Ext. Scrap122 C C ROD 446----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3232/3332 Sugar quality M-30 (PER QUINTAL): 3352/3582--------MUMBAI:-BLACK PEPPER RD340/390GINGER BLEACHED-GINGER UNBLEACHED260COPRA OFFICE ALAPUZHA 11500COPRA OFFICE KOZHIKODE 11200COPRA RAJAPUR MUMBAI13500COPRA EDIBLE MUMBAI12200COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1610 T.P------------ MUMSSB SSB

Mumbai, Mar 5 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap422 Gun Metal Scrap337Copper scrap heavy417 Brass honey285Copper armature408 Copper Billets450Copper sheet cuttings406 Aluminium Ingots 145Copper utensils scrap390 Zinc161Brass sheet cuttings323 Lead145Brass utensils scrap303 Tin1300Aluminium utensils scrap 107 Nickel970Alum. Ext. Scrap122 C C ROD 449----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3232/3332 Sugar quality M-30 (PER QUINTAL): 3352/3582--------MUMBAI:-BLACK PEPPER RD340/390GINGER BLEACHED-GINGER UNBLEACHED260COPRA OFFICE ALAPUZHA 11500COPRA OFFICE KOZHIKODE 11200COPRA RAJAPUR MUMBAI13500COPRA EDIBLE MUMBAI12200COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1610 T.P------------ MUMSSB SSB

Mumbai, Feb 13 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap423 Gun Metal Scrap340Copper scrap heavy418 Brass honey290Copper armature411 Copper Billets451Copper sheet cuttings408 Aluminium Ingots 141Copper utensils scrap394 Zinc171Brass sheet cuttings328 Lead149Brass utensils scrap311Tin1245Aluminium utensils scrap 105 Nickel980Alum. Ext. Scrap120 C C ROD 439----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3272/3400 Sugar quality M-30 (PER QUINTAL): 3356/3602--------MUMBAI:-BLACK PEPPER RD355/411GINGER BLEACHED----GINGER UNBLEACHED265COPRA OFFICE ALAPUZHA 11500COPRA OFFICE KOZHIKODE 11300COPRA RAJAPUR MUMBAI13800COPRA EDIBLE MUMBAI12500COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1620 T.P---------- MUMJMF JMF

Mumbai, Feb 27 ()Metals :- (in Rs per kg) (Inclusive of +GST)Copper cable scrap419 Gun Metal Scrap337Copper scrap heavy413 Brass honey290Copper armature405 Copper Billets447Copper sheet cuttings381 Aluminium Ingots 141Copper utensils scrap402 Zinc160Brass sheet cuttings303 Lead146Brass utensils scrap318Tin1270Aluminium utensils scrap 105 Nickel940Alum. Ext. Scrap120 C C ROD 436----------Sugar :- Sugar quality S-30 (PER QUINTAL): 3250/3386 Sugar quality M-30 (PER QUINTAL): 3352/3592--------MUMBAI:-BLACK PEPPER RD350/400GINGER BLEACHED-GINGER UNBLEACHED260COPRA OFFICE ALAPUZHA 11300COPRA OFFICE KOZHIKODE 11100COPRA RAJAPUR MUMBAI13500COPRA EDIBLE MUMBAI12200COCHIN COCONUT OILN/TCOCONUT OIL MUMBAI1610 T.P------------ MUMSSB SSB

Mumbai, Feb 3 ()
Metals :- (in Rs per kg) (Inclusive of +GST)
Copper cable scrap420 Gun Metal Scrap340
Copper scrap heavy415 Brass honey290
Copper armature405 Copper Billets448
Copper sheet cuttings402 Aluminium Ingots 144
Copper utensils scrap390 Zinc180
Brass sheet cuttings302 Lead152
Brass utensils scrap307Tin1235
Aluminium utensils scrap 106 Nickel970
Alum. Ext. Scrap122 C C ROD 432
----------
Sugar :- Sugar quality S-30 (PER QUINTAL): 3262/3392
 Sugar quality M-30 (PER QUINTAL): 3382/3595
--------
MUMBAI:-
BLACK PEPPER RD370/430
GINGER BLEACHED----
GINGER UNBLEACHED275
COPRA OFFICE ALAPUZHA 11200
COPRA OFFICE KOZHIKODE 11100
COPRA RAJAPUR MUMBAI14900
COPRA EDIBLE MUMBAI12500
COCHIN COCONUT OILN/T
COCONUT OIL MUMBAI1610 T.P
----------
 MUM
JMF JMF

Mumbai, Jan 30 ()
Metals :- (in Rs per kg) (Inclusive of +GST)
Copper cable scrap419 Gun Metal Scrap340
Copper scrap heavy415 Brass honey290
Copper armature406 Copper Billets447
Copper sheet cuttings408 Aluminium Ingots 144
Copper utensils scrap394 Zinc181
4Brass sheet cuttings325 Lead154
Brass utensils scrap300Tin1235
Aluminium utensils scrap 106 Nickel955
Alum. Ext. Scrap122 C C ROD 429
----------
Sugar :- Sugar quality S-30 (PER QUINTAL): 3270/3402
 Sugar quality M-30 (PER QUINTAL): 3372/3585
--------
MUMBAI:-
BLACK PEPPER RD370/430
GINGER BLEACHED----
GINGER UNBLEACHED275
COPRA OFFICE ALAPUZHA 11200
COPRA OFFICE KOZHIKODE 11100
COPRA RAJAPUR MUMBAI14900
COPRA EDIBLE MUMBAI12500
COCHIN COCONUT OILN/T
COCONUT OIL MUMBAI1610 T.P
----------
 MUM
JMF JMF

Mumbai, Jan 21 ()
Metals :- (in Rs per kg) (Inclusive of +GST)
Copper cable scrap438 Gun Metal Scrap345
Copper scrap heavy434 Brass honey300
Copper armature420 Copper Billets466
Copper sheet cuttings417 Aluminium Ingots 147
Copper utensils scrap405 Zinc187
Brass sheet cuttings333 Lead157
Brass utensils scrap313Tin1315
Aluminium utensils scrap 109 Nickel1045
 C C ROD 470
----------
Sugar :- Sugar quality S-30 (PER QUINTAL): 3280/3402
 Sugar quality M-30 (PER QUINTAL): 3382/3585
--------
MUMBAI:-
BLACK PEPPER RD370/430
GINGER BLEACHED----
GINGER UNBLEACHED275
COPRA OFFICE ALAPUZHA 11200
COPRA OFFICE KOZHIKODE 11000
COPRA RAJAPUR MUMBAI14900
COPRA EDIBLE MUMBAI12200
COCHIN COCONUT OILN/T
COCONUT OIL MUMBAI1600 T.P
----------
 MUM
JMF JMF

Mumbai, Jan 23 ()
Metals :- (in Rs per kg) (Inclusive of +GST)
Copper cable scrap437 Gun Metal Scrap345
Copper scrap heavy432 Brass honey300
Copper armature418 Copper Billets465
Copper sheet cuttings415 Aluminium Ingots 147
Copper utensils scrap404 Zinc186
Brass sheet cuttings330 Lead156
Brass utensils scrap310Tin1295
Aluminium utensils scrap 109 Nickel1015
 C C ROD 463
----------
Sugar :- Sugar quality S-30 (PER QUINTAL): 3280/3402
 Sugar quality M-30 (PER QUINTAL): 3392/3585
--------
MUMBAI:-
BLACK PEPPER RD370/430
GINGER BLEACHED----
GINGER UNBLEACHED275
COPRA OFFICE ALAPUZHA 11200
COPRA OFFICE KOZHIKODE 11000
COPRA RAJAPUR MUMBAI14900
COPRA EDIBLE MUMBAI12200
COCHIN COCONUT OILN/T
COCONUT OIL MUMBAI1600 T.P
----------
 MUM
JMF JMF

Mumbai, Jan 27 ()
Metals :- (in Rs per kg) (Inclusive of +GST)
Copper cable scrap429 Gun Metal Scrap325
Copper scrap heavy422 Brass honey345
Copper armature410 Copper Billets457
Copper sheet cuttings409 Aluminium Ingots 147
Copper utensils scrap397 Zinc183
Brass sheet cuttings330 Lead155
Brass utensils scrap310Tin1260
Aluminium utensils scrap 109 Nickel980
 C C ROD 447
----------
Sugar :- Sugar quality S-30 (PER QUINTAL): 3282/3402
 Sugar quality M-30 (PER QUINTAL): 3372/3585
--------
MUMBAI:-
BLACK PEPPER RD370/430
GINGER BLEACHED----
GINGER UNBLEACHED275
COPRA OFFICE ALAPUZHA 11200
COPRA OFFICE KOZHIKODE 11000
COPRA RAJAPUR MUMBAI14900
COPRA EDIBLE MUMBAI12200
COCHIN COCONUT OILN/T
COCONUT OIL MUMBAI1600 T.P
----------
 MUM
RRC RRC

Mumbai, Jan 28 ()
Metals :- (in Rs per kg) (Inclusive of +GST)
Copper cable scrap423 Gun Metal Scrap325
Copper scrap heavy418 Brass honey345
Copper armature408 Copper Billets451
Copper sheet cuttings408 Aluminium Ingots 144
Copper utensils scrap391 Zinc181
Brass sheet cuttings326 Lead154
Brass utensils scrap308Tin1240
Aluminium utensils scrap 108 Nickel965
 C C ROD 438
----------
Sugar :- Sugar quality S-30 (PER QUINTAL): 3272/3402
 Sugar quality M-30 (PER QUINTAL): 3372/3585
--------
MUMBAI:-
BLACK PEPPER RD370/430
GINGER BLEACHED----
GINGER UNBLEACHED275
COPRA OFFICE ALAPUZHA 11200
COPRA OFFICE KOZHIKODE 11100
COPRA RAJAPUR MUMBAI14900
COPRA EDIBLE MUMBAI12500
COCHIN COCONUT OILN/T
COCONUT OIL MUMBAI1610 T.P
----------
 MUM
RRC
01271612
NNNN
RRC RRC

New Delhi, Mar 29 () Metals and mining magnate Anil Agarwal has for the first time taken a board position on his flagship Indian firm, Vedanta Ltd, replacing his brother Navin.Agarwal, 66, who turned a tiny scrap metal business into a mining conglomerate, had so far headed the board of London-headquartered Vedanta Resources.The Indian flagship Vedanta Ltd houses its oil and gas, aluminium, power, iron ore, steel and copper business.In a statement, the company said Agarwal has been appointed "as the non-executive chairman of Vedanta Ltd".He replaces his brother Navin, who will now be the Executive Vice Chairman of the Board.The changes followed chief executive officer S Venkatakrishnan resignation. He was replaced by Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd."The company will be run by a management committee comprising of CEO, CFO, CHRO and CCO who will take all key decisions collectively under the guidance of Chairman," the statement said.Besides the Agarwal brothers, Vedanta Ltd also has Anil's daughter Priya as a board director. His trusted lieutenant Tarun Jain is also on the board.Former Hindustan Unilever executive Arun Kumar GR is Chief Financial Officer.Anil Agarwal's other listed firm Hindustan Zinc Ltd is headed by his wife Kiran. He is the non-executive chairman of Sterlite Technologies Ltd, the only other Indian listed company in the group.All other group firms, Cairn Oil and Gas, Sterlite Cooper, Balco, Sesa Goa Iron Ore, Vedanta Aluminium and Electrosteel Steels Ltd are headed by chief executive officers.Ethnically a marwari from Patna, Agarwal came down to Mumbai as a scrap dealer in 1976 and went on to build an empire in copper, zinc, aluminum and iron ore. A school dropout, he founded Vedanta Resources and has been its Executive Chairman since March, 2005.In October 2018, Agarwal took Vedanta Resources private after paying more than USD 1 billion for the one third of the metals firm that he didn't already own.In 2017, he bought a 19 per cent stake in London-listed miner Anglo American through his family trust and sold it in 2019.Vedanta has previously stated that it would invest Rs 60,000 crore expansion of its zinc, silver and oil and gas business. ANZ BALBAL

Anil Agarwal for the 1st time takes board position on Vedanta Ltd

New Delhi, Feb 1 () A policy for scrapping of old vehicles "is in the works" and will be announced after concerned ministries "fine tune" it, Finance Minister Nirmala Sitharaman said on Saturday.
 The much-awaited vehicle scrappage policy is awaiting final clearance from the Union Cabinet and would focus on eliminating the fleet of old polluting commercial vehicles plying on the country's roads.
 "Scrappage policy is in the works ... I would wait for the concerned ministries also to fine tune everything and tie up the loose ends and then come to a stage where it can be announced by the ministry," Sitharaman said in an interaction with the media after presenting Budget 2020-21.
 "So many things depend on how far they are mature and right for me to use it in the budget, but that does not mean because I've not announced it in the budget no work is going on in that area," she added.
 The proposed policy, once approved, will be applicable on all vehicles including two- and three-wheelers.
 Earlier, the policy was sent for a fresh round of consultation with stakeholders on the direction of the PMO.
 Road Transport and Highways Minister Nitin Gadakri had earlier said that once the policy is approved, India could emerge as a hub for automobile manufacturing as key raw material available from scrapping like steel, aluminium and plastic are bound to be recycled, bringing down automobile prices by "20-30 per cent".
 The government on July 26, 2019 had proposed amendments to motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electrical vehicles.
 In a draft notification, the government proposed renewal of fitness certificates for vehicles older than 15 years every six months instead of the current time-frame of one year.
 The notification also provided that the newly purchased motor vehicles will be exempted for payment of fees for registration certificate and assignment of new registration mark, if the purchaser produces scrapping certificate of the previously-owned vehicle of the same category issued by the authorised scrapping centre/agency.
 In May 2016, the government had floated a draft Voluntary Vehicle Fleet Modernisation Programme (V-VMP) that proposed to take 28 million decade-old vehicles off the road.
 A committee of secretaries (CoS) recommended to the ministry redesigning of the scheme for greater participation of states with partial support from the Centre.
 The CoS had suggested that the scheme may dovetail a calibrated and phased regulatory approach for capping the life of vehicles together with stricter implementation of emission norms and accordingly a revised consultation paper got in-principle nod of the PMO. DP NAM ABM

Vehicle scrappage policy to be announced after fine-tuning by concerned ministries: FM

New Delhi, May 10 () The much-awaited vehicle scrappage policy would help in curbing air pollution, reducing fuel consumption and curtailing fatalities in road accidents, while generating demand for new vehicles in the country amid the coronavirus pandemic, industry sources said. The proposed scrappage policy requires support from both the central and state governments, an industry source said. The governments at both levels would need to come together to make this programme successful by providing fiscal incentives for fleet modernisation, another industry source added. An incentive based mechanism will make the scheme lucrative and encourage people to scrap their old vehicles and replace them with new ones, he added. When contacted over the matter, SIAM President Rajan Wadhera told that the industry body has been engaging with the Government of India, requesting for an incentive-based scrappage policy with monetary incentives in the form of 50 per cent rebate in GST, road tax and registration charges. Similarly, SIAM Director General Rajesh Menon said an incentive based policy will help in mitigating pollution, improving road safety and conserving fuel. "And more importantly in the current context of impact of COVID 19 on the Indian auto sector, also could kickstart demand," he added. A vehicle scrappage policy is in the works for some time now. The policy aims to put a cap on the life of vehicles in terms of years run. Last week, Union Minister Nitin Gadkari had said that the scheme is likely to be finalised soon to boost the automobile sector. The proposed policy once approved, will be applicable on all vehicles including two and three-wheelers. Earlier, the policy was sent for a fresh round of consultation with stakeholders on the direction of the Prime Minister's Office. Gadakri had earlier said that once the policy is approved, India could emerge as a hub for automobile manufacturing as key raw material available from scrapping, like steel, aluminium and plastic are bound to be recycled, bringing down automobile prices by "20-30 per cent". The government on July 26, 2019 had proposed amendments to motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electric vehicles. In a draft notification, the government proposed renewal of fitness certificates for vehicles older than 15 years every six months instead of the current time-frame of one year. The notification also provided that newly purchased motor vehicles will be exempted from payment of fees for registration certificate and assignment of new registration mark, if the purchaser produces scrapping certificate of the previously-owned vehicle of the same category issued by the authorised scrapping centre/agency. The government had first floated a draft voluntary vehicle fleet modernisation programme in May 2016, that proposed to take 28 million decade-old vehicles off the road. MSS RVK

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Aluminum industry wants custom duty on scrap to be increased to 10% to protect domestic companies

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Aluminum industry urges govt to reduce basic customs duty on critical raw materials

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Anil Agarwal for the 1st time takes board position on Vedanta Ltd

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Vehicle scrappage policy to be announced after fine-tuning by concerned ministries: FM

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'Vehicle scrappage policy to help generate demand for new vehicles amid coronavirus pandemic'

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