Ahead of the Union budget, Jindal Stainless has pitched for bringing down to nil the import duties on critical raw materials such as molybdenum ore, and continuing with zero duties on pure nickel, ferro-nickel, stainless steel scrap and mild steel scrap.

Union Finance Minister Nirmala Sitharaman will present the Budget in the Parliament on February 1.Molybdenum is used in alloys like ultra-strong steel which is resistant to corrosion and wear. The prevailing customs duty on molybdenum ore is five per cent.

In a statement, Jindal Stainless Managing Director Abhyuday Jindal said, "We recommend reducing import duties to zero on critical raw materials unavailable in India, such as molybdenum ore, and continuing with zero duties on pure nickel, ferro-nickel, stainless steel scrap, and mild steel scrap."

In a bid to give a boost to the demand of stainless steel, Jindal said that the government should continue to prioritise infrastructure spending, with a strong focus on developing mobility infrastructure like inland waterways, rail infrastructure, and coastal shipping.

Securing access to key raw materials is another pressing need, he explained.

"To safeguard the domestic industry from the distortion caused by low-priced imports, we urge the government to raise the basic customs duty on stainless steel products to 15 per cent for all non-free trade agreement countries," Jindal stressed.