India, Feb. 1 -- In a major move to boost India's manufacturing capabilities, FM Nirmala Sitharaman has announced that the government will fully exempt Basic Customs Duty (BCD) on cobalt powder, scrap of lithium-ion batteries, LED, zinc, and 12 other critical minerals.

This follows the July 2024 budget, where the government had exempted BCD on 25 critical minerals not domestically available.

"This will help secure the availability for manufacturing in India and promote more jobs for our youth," she added.

The measure is also expected to provide a significant boost to the MSME sector involved in mineral processing.

The new duty exemptions aim to secure the availability of key materials for manufacturing in India, thereby fostering grow...