CII asks government to introduce Corrosion Act

The government should introduce financial support through legislation for preventing corrosion of machines, pipelines and industrial structures as companies lose a whopping Rs 2 lakh crore annually due to such damages, CII today said.

The chamber has asked the industry and government “to collaborate to introduce the Corrosion Act in India, like US, which provides incentives to organisations for taking preventive measures against corrosion”.

Corrosion has a huge economic and environmental impact in various sectors including highways, bridges, buildings, oil and gas, chemical processing, waste water systems and particularly industrial structures.

“India loses a staggering figure of over Rs 2 lakh crore per year due to corrosion, which goes largely unattended,” CII said, adding that the annual cost of corrosion worldwide is estimated to be USD 2.2 trillion.

Related posts:

1. Government may introduce separate legislation to speed up insolvency proceedings
2. Government may introduce bill to amend the Companies Act in the budget session
3. Government planning to introduce `thin capitalisation’ rules to check tax avoidance
4. Government likely to introduce Bill on Direct Tax Code in monsoon session
5. Government may introduce DTC in the forthcoming budget session