Foundries Demand Import Duty Cut On Key Raw Materials

Hit by surging input costs, the foundry industry in the country has demanded reduction of import duty for pig iron and other raw materials. Prices of pig iron and other raw materials for the industry have gone up by 30-50 per cent, Institute of Indian Foundrymen (IIF) president Vijay S Beriwal said.

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The industry body has also sought subsidies on power from the government to stay competitive in the global markets.