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Centre Considers Removing Import Duty on Copper Scrap
ECONOMY & POLICY

Centre Considers Removing Import Duty on Copper Scrap

15 Jan 2025 1 Min Read CW Team
The Central Government is contemplating the removal of the 2.5% concessional basic customs duty on copper scrap, a measure introduced in the 2021-22 budget to promote recycling. This move aims to bolster the domestic copper recycling industry and is being considered for inclusion in the 2025-26 budget, according to a senior government official.

Currently, copper scrap imports have seen a significant rise, increasing by 33.42% year-on-year to reach Rs 114.76 billion in the first seven months of the current fiscal. Saudi Arabia remains the largest exporter, contributing Rs 22.08 billion to India's copper scrap imports during this period.

While the 2021-22 budget had reduced the import duty from 5% to 2.5% to make raw materials more economical, this year's budget removed duties for other critical minerals like lithium, leaving copper untouched. The government aims to enhance recycling efforts, as copper, though not categorised as a critical mineral, has widespread applications across industries, particularly in the electric vehicle (EV) and electronics sectors, driving up demand.

Industry representatives have welcomed the proposal, emphasising that the savings from waived customs duties could be invested in advanced recycling technologies to improve the quality of recycled copper, further strengthening domestic manufacturing capabilities.

(ET)

The Central Government is contemplating the removal of the 2.5% concessional basic customs duty on copper scrap, a measure introduced in the 2021-22 budget to promote recycling. This move aims to bolster the domestic copper recycling industry and is being considered for inclusion in the 2025-26 budget, according to a senior government official.Currently, copper scrap imports have seen a significant rise, increasing by 33.42% year-on-year to reach Rs 114.76 billion in the first seven months of the current fiscal. Saudi Arabia remains the largest exporter, contributing Rs 22.08 billion to India's copper scrap imports during this period.While the 2021-22 budget had reduced the import duty from 5% to 2.5% to make raw materials more economical, this year's budget removed duties for other critical minerals like lithium, leaving copper untouched. The government aims to enhance recycling efforts, as copper, though not categorised as a critical mineral, has widespread applications across industries, particularly in the electric vehicle (EV) and electronics sectors, driving up demand.Industry representatives have welcomed the proposal, emphasising that the savings from waived customs duties could be invested in advanced recycling technologies to improve the quality of recycled copper, further strengthening domestic manufacturing capabilities.(ET)

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