Sunday, 15 Jan 2012
PTI reported that mines ministry has expressed reservation over Finance Ministry's decision to increase export duty on the low grade iron ore in the country.
Mr AK Srivastava additional secretary ministry of mines on the sidelines a conference told reporters that "The Mines Ministry is not favourably inclined towards increase in the export duty.” He said the ministry has already written to the government about their views, which might be considered during Budget.
Mr Srivastava said that "There is always a budget. The final call on the hike would be taken during budget adding that there is always a possibility that central government might revisit it during the presentation of Budget.”
Mr Srivastava said at least low grade ores, which are not consumed by the steel industry, should be spared from the hike. He added that "If export duty is increased on high grade, the low grade ore should be allowed to continue with the earlier duty.”
The mines industry in Goa had expressed their concern over increased hike, which according to them, would spell doom on their already troubled trade.
The export duty was hiked from 20% to 30% from December 30, 2010 onwards by the Finance Ministry in order to channelise the Iron ore to Indian steel industries.
(Sourced from PTI)
PTI reported that mines ministry has expressed reservation over Finance Ministry's decision to increase export duty on the low grade iron ore in the country.
Mr AK Srivastava additional secretary ministry of mines on the sidelines a conference told reporters that "The Mines Ministry is not favourably inclined towards increase in the export duty.” He said the ministry has already written to the government about their views, which might be considered during Budget.
Mr Srivastava said that "There is always a budget. The final call on the hike would be taken during budget adding that there is always a possibility that central government might revisit it during the presentation of Budget.”
Mr Srivastava said at least low grade ores, which are not consumed by the steel industry, should be spared from the hike. He added that "If export duty is increased on high grade, the low grade ore should be allowed to continue with the earlier duty.”
The mines industry in Goa had expressed their concern over increased hike, which according to them, would spell doom on their already troubled trade.
The export duty was hiked from 20% to 30% from December 30, 2010 onwards by the Finance Ministry in order to channelise the Iron ore to Indian steel industries.
(Sourced from PTI)
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