Customs Duty cut expected to bring down raw material prices Updated: Updated: Engineering units in Coimbatore will benefit from the Budget proposal Share Article Engineering units in Coimbatore will benefit from the Budget proposal The Union Budget announcement on Monday reducing Customs Duty on steel and ferrous and non-ferrous scrap is expected to bring down raw material prices for the engineering units in Coimbatore. According to the Coimbatore District Small Industries Association president M.V. Ramesh Babu, several announcements are expected to benefit the MSMEs. For metal recyclers, import duty is exempted till end of March next year. Indian Chamber of Commerce and Industry, Coimbatore, president C. Balasubramanian, said the government had taken the right steps in the budget and planned to increase its spending in different sectors. Coimbatore was a hub for textiles and MSMEs and the announcements would benefit these sectors. A mega textile park should be established here, he said. The trade and industry expected relief in Income Tax and there was no announcement in that regard, he said.