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Date: 25/07/2024

Govt removes Customs duty from 25 critical minerals

The government has removed Customs duty from 25 critical minerals and metals, including lithium and cobalt, which are considered the building blocks of modern technology, and also crucial to the ongoing green energy shift, announced Ms Nirmala Sitharaman, Union Finance Minister, in her Budget speech. To reduce the cost of production of steel and copper, she proposed to remove the BCD (Basic Customs Duty) on ferro nickel and blister copper. Copper ores and concentrates presently attract a 2.5 per cent BCD. The Finance Minister also announced the setting up of a ‘Critical Mineral Mission’ for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, a skilled workforce, an extended producer responsibility framework, and a suitable financing mechanism, as per a report.
 
Source: Exim News Service: New Delhi, July 24



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