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The Indian economy is seeing a broad-based improvement across several sectors and is on track for a robust growth. However, as Finance Minister Arun Jaitley prepares Budget 2018, the last full Budget of the Narendra Modi led government before the 2019 Lok Sabha elections, one major challenge for the government in the Union Budget 2018-19 will be ensuring the creation of new jobs and maintaining the fiscal balance.
We believe that the metal recycling and overall recycling industry can create millions of jobs in the country. The Chinese government has put recycling as its top priority in its Five-Year Plan. It has created recycling parks and zones in the country to boost the industry.
By comparison, the recycling sector here in India has been ignored for a long time. Now is time for our government to give a specific preference to the sector, which promises to not only save the environment but also create millions of direct and indirect jobs.
Finance Minister Arun Jaitley could in the upcoming Budget 2018 benefit the metal recycling industry, which promises to help save the environment, natural resources and energy, by addressing the following areas of concern:
* There is a need for a National Metal Recycling Policy, especially to address the recycling of old vehicles, which are unsafe and not fuel-efficient
* Corporation tax for the industry should be brought down to 20 per cent to make the industry competitive
* Import duty on all kinds of scrap should be reduced to zero; no other country levies any duty on scrap
* To boost exports, the government should provide a preference or incentives for recycled products
The author is the chief executive officer of Gravita India Limited, a global recycling major