Non-ferrous metal assn unhappy with Budget

The non-ferrous metals industry expressed unhappiness with the Budget which introduced CVD.

The non-ferrous metals industry on Tuesday expressed unhappiness with the Union Budget which introduced countervailing duties (CVD) and sidelined the demands of small and medium industries.

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"The prices of raw materials would go up as government on one hand slashed the import duties to 2.5 per cent and on the other hand introduced the CVD at four per cent which would increase raw material cost, Bombay Metal Exchange Limited President Rohit V Shah said.

Shah expressed disappointment that government did not consider the demand for differential duty between raw material and finished product.

He also pointed out the way small and medium sector was sidelined with weightage given to the farm sector.

"Government has extended maximum benefits to the farmers and failed to understand demands of the small and medium enterprises that is other side of the same coin," he added.

This is the sector that provides employment to large number of people at the same time paying taxes which was not acknowledged by the Finance Minister, he added.