The Indian Chamber of Commerce (ICC) has urged the government to rationalise customs duties across several key sectors, including steel, solar batteries, aluminum, and lithium cells, to promote domestic manufacturing.

With the Union Budget for the financial year 2024-25 set to be presented by Finance Minister Nirmala Sitharaman on July 23, the ICC emphasizes the need for protective measures to support the growth of the domestic industry.

ICC President Ameya Prabhu stated that adjusting customs duties is essential for fostering a competitive environment that can stimulate production and innovation within these sectors. The chamber believes that a balanced approach to duty structures will not only benefit manufacturers but also enhance the overall economic landscape of the country.

The call for duty rationalisation comes as India aims to reduce its dependency on imports and strengthen its manufacturing capabilities in critical industries. By revising customs duties, the ICC anticipates a positive impact on investment, job creation, and technological advancement in the domestic market.

As the government prepares for the upcoming budget, the ICC’s recommendations reflect a broader push from industry stakeholders to ensure that policy measures align with the goal of making India a manufacturing hub. The chamber hopes that the government will take these suggestions into account to foster a more robust industrial ecosystem.