India scraps custom duties on waste and scrap of dozen critical minerals
India has scrapped customs duty on waste and scrap of a dozen critical minerals, Finance Minister Nirmala Sitharaman said during her annual budget presentation on Saturday.
India scrapped customs duty on waste and scrap of antimony, cobalt, tungsten and copper scrap, among others.
Customs duties on waste and scrap of lithium-ion battery, as well as waste and scrap of lead, zinc and cobalt powder were also scrapped.
"This will help secure their availability for manufacturing in India," Sitharaman said in her speech.
The government will also launch a policy for recovery of critical minerals from tailings or by-products of mining, Sitharaman said.
Last year, the government had scrapped customs duty on 25 critical minerals, which are not available domestically.
Last week, India approved 163 billion rupees ($1.88 billion) to develop its critical minerals sector, as the world's fastest-growing major economy aims to secure raw materials such as lithium.
