Budget Implications – Aastha Minmet India Pvt Ltd
From quite some time, Energy and Construction sectors were facing too many lows in respect of productivity. Due to heavy import in our country, local manufacturing companies were not keeping well. At the inception of Budget 2016, current situation of industry is expected to improve the yield and potency of regional companies. Though, due to industry low, Aastha Minmet India Pvt Ltd has not faced many problems, as they maintained the equilibrium between exports and imports splendidly. Hitherto, after effects of budget are worth reckon.A remarkable announcement for Aastha Minmet India Private Limited is that the Basic Custom Duty on steel grade limestone and dolomite has been reduced from 5 % to 2.5 %, both of which are the main ingredients in process of steel making. Since, the company is into imports of raw material & manufacturing process, the reduced price of raw materials would escalate cheaper production & yield higher profit.There is another addition; basic custom duty of imported flat-rolled products made of stainless steel has increased from 5% to 7.5%. By virtue of this raise, Mohit Aggarwal is going to enjoy a better share of gravy as the competition will depress.
Finance Minister said “It is my government’s intention to encourage investment in mining sector and promote sustainable mining practices to adequately meet the requirements of industry without sacrificing environmental concerns. The current impasse in mining sector, including iron ore mining, will be resolved expeditiously. Changes, if necessary, in the MMDR Act, 1957, would be introduced to facilitate this”.
Though Aastha Minmet India Pvt Ltd is a major importer of Coal in our country, yet if the above intention executes, it will facilitate availability of raw materials instantaneously to the company. Albeit what Mr. Arun Jaitley has confirmed sounds like a political commitment yet we cannot ignore its authenticity as Federation of Indian Mineral Industries, or FIMI is making persistent efforts to consummate the government’s motive.
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