India removes 2.5% customs duty on ferro nickel in Budget 2024-25
In the 2024-2025 budget, India has waived the 2.5% Basic Customs Duty (BCD) on ferro nickel (FeNi), a critical raw material in the stainless steel industry. This waiver is notable because India currently depends entirely on imports to meet its ferro nickel requirements. The decision is aimed at reducing the domestic stainless steel cost of production.