India to Scrap Import Tax on Many Critical Minerals: Sitharaman

India proposes to abolish import taxes on cobalt powder, scraps of lithium-ion batteries, lead, zinc, and 12 more critical minerals, Finance Minister Nirmala Sitharaman said in her budget speech on Saturday.

• The exemption will help secure availability of critical minerals for manufacturing in India and promote more jobs for youth, she said in parliament
• The latest proposal follows exemptions on 25 critical minerals in July
• Lower duties will enhance cost competitiveness and encourage local manufacturing, Raju Kumar, partner at EY India, said in a note
• Earlier this week, India’s cabinet approved a $1.9 billion program to secure supplies for a ...