Budget 2024 Expectations Live Updates: India, currently the world’s fifth-largest economy, is anticipated to climb to the third rank in the coming years. FM Sitharaman’s Budget 2024 is expected to outline a roadmap for sustained economic growth. Past trends suggest that the Modi government will continue to emphasize high capital expenditure, particularly on infrastructure, to drive GDP growth. As in previous years, salaried taxpayers are hoping for significant income tax relief, including changes in the new income tax regime and adjustments to the standard deduction.
Budget 2024 Expectations Live Updates: Recycling Industry Body Calls for Zero Duty on Aluminium Scrap Imports
Budget 2024 Expectations Live Updates: In the run-up to the budget, the Material Recycling Association of India (MRAI) has urged the government to eliminate the import duty on aluminium scrap to promote sustainability within the industry.
MRAI highlights that recycling aluminium scrap results in significantly lower carbon emissions, producing only 0.3 million tonnes (MT) of CO2 per tonne of aluminium, compared to 14 tonnes of CO2 emitted per tonne of aluminium produced through the traditional smelter route, which relies on coal-based power capacities.
“Among the key challenges faced by the Indian aluminium recycling industry is the 2.5 percent import duty on aluminium scrap. It is a key raw material for aluminium recycling and the government should make it zero until the quality material (scrap) is available in sufficient quantity in the domestic market,” MRAI said in a letter to Finance Minister Nirmala Sitharaman.
