Before the Union Budget, the Federation of Indian Chambers of Commerce & Industry (FICCI), the voice of India's business and industry, asked the government to cancel the basic customs duty (BCD) on ferronickel and impose higher import duties of 12.5% on stainless steel flat products.

As part of the budget recommendations, FICCI has requested the government to maintain 0% duty on stainless steel scrap after March 31, 2022.

The current BCD on ferronickel is 2.5%, and that on stainless steel flat products is 7.5%.

The Union Budget for FY2022-23 was scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, 2022.