Not enough ground to hike import duty on copper: Minister
During April-August 2015, China supplied the largest chunk of 69,942 tonnes of copper to IndiaThe government will not raise the import duty on copper even though it is “keeping a close watch” on the inbound shipment of the metal, said Minister of State for Steel and Mines Vishnu Deo Sai. The minister, while responding to a query in the Lok Sabha on Monday, said that the country has exported refined copper worth $912 million between April and August this year and “import is not more than export” during the period. The statement came amid concern over rising import of the metal, especially from ASEAN countries that have free trade pacts with India. According to the Indian Primary Copper Producers Association, there is surge in import of refined copper from ASEAN and Japan under the Fee Trade Agreements (FTA). “The Association has therefore requested that the import duty on finished copper be enhanced. The Ministry has examined the matter, and as of now, there is not enough ground for intervention. However, the Ministry is keeping a close watch on the matter,” Sai said. The minister also gave country-wise details of copper import in the country. Of the total 1.50 lakh metric tonnes (MT) of copper shipped in India during April-August 2015, China supplied the largest chunk of 69,942 tonnes, followed by Malaysia with the total shipment of 35,557 tonnes and Singapore with 15,463 tonnes. The data shows an upward trend in the import of copper wire from ASEAN countries. In 2014-15, India imported 16,405 MT of wire from these countries. However, the figure has already reached 16,796 MT till August this year.
November 30, 2015 | 4:10pm IST
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