Monday, 19 Sep 2011
PTI reported that the Indian steel ministry will soon write to the finance ministry demanding to hike export duty on iron ore to 30% from the current 20%, a move to ensure that there is no shortage of the raw material for the domestic steel makers in the long run.
A source close to the development told PTI that "A proposal in this regard has been cleared by the Indian steel minister Mr Beni Prasad Verma. It will now be sent to the finance ministry for its approval and implementation.”
The proposal has also kept in mind the deteriorating level of country's raw material reserves.
The government in the budget had hiked duty on iron ore, both fines and lumps, to 20% in order to discourage exports and encourage value addition.
After the duty hike, exports of iron ore has declined by about 22% to 25.2 million tonnes in April-July to the corresponding period last fiscal. The Federation of the Indian Mineral Industries expects iron ore exports to fall by over 20% to 75 million tonnes in the current fiscal from 98 million tonnes in 2010-11.
(Sourced from PTI)
PTI reported that the Indian steel ministry will soon write to the finance ministry demanding to hike export duty on iron ore to 30% from the current 20%, a move to ensure that there is no shortage of the raw material for the domestic steel makers in the long run.
A source close to the development told PTI that "A proposal in this regard has been cleared by the Indian steel minister Mr Beni Prasad Verma. It will now be sent to the finance ministry for its approval and implementation.”
The proposal has also kept in mind the deteriorating level of country's raw material reserves.
The government in the budget had hiked duty on iron ore, both fines and lumps, to 20% in order to discourage exports and encourage value addition.
After the duty hike, exports of iron ore has declined by about 22% to 25.2 million tonnes in April-July to the corresponding period last fiscal. The Federation of the Indian Mineral Industries expects iron ore exports to fall by over 20% to 75 million tonnes in the current fiscal from 98 million tonnes in 2010-11.
(Sourced from PTI)
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