May hike export duties on iron ore exports: Steel minister

Move comes in order to discourage export for meeting domestic demands

PTI | August 29, 2011



Government on Monday said it may further increase duties on iron ore to discourage its export in order to keep it for meeting domestic demands.

"We have increased export duty from five per cent to 20 per cent. We may increase it further," steel minister Beni Prasad Verma told the lok sabha during question hour.

Verma said government was discouraging export of iron ore and trying to keep it for domestic consumption.

Nearly 50 per cent of the iron ore produced in the country has been exported over the last three years, he said.

In 2008-09 212.96 million tonnes (MT) of iron ore was produced of which 105.86 MT (49.7 per cent) was exported and in 2009-10 218.64 MT ore was produced and 117.37 MT (53.7 per cent) was exported, Verma said.

He said in 2010-11 the estimated production was 208.11 MT of which 97.66 MT (46.9 per cent) was marked for export.

"The production of iron ore in the country is about to double the consumption of iron ore by the domestic iron and steel industry and therefore is sufficient to meet the present requirement of iron ore by the steel sector in the country," he said.

As regards iron ore supply to PSUs, Steel Authority of India Limited (SAIL) has is own captive mines which cater to its full requirement of iron ore, he said.

Verma said the requirement of iron ore of other PSUs - Rashtriya Ispat Nigam Limited and KIOCL Ltd - is fulfilled by National Mineral Development Corporation.
 

Comments

 

Other News

AI: Code, Control, Conquer

India today stands at a critical juncture in the area of artificial intelligence. While the country is among the fastest adopters of AI in the world, it remains heavily reliant on technologies developed elsewhere. This paradox, experts warn, cannot persist if India seeks technological sovereignty.

RBI pauses to assess inflation risks, policy transmission

The Reserve Bank of India (RBI) has begun the new fiscal year with a calibrated pause, keeping the repo rate unchanged at 5.25 per cent in its April Monetary Policy Committee (MPC) meeting. The decision, taken unanimously, reflects a shift from aggressive policy action to cautious observation after a signi

New pathways for tourism growth

Traditionally, India’s tourism policy has been based on three main components: the number of visitors, building tourist attractions and providing facilities for tourists. Due to the increase in climate-related issues and environmental destruction that occurred over previous years, policymakers have b

Is the US a superpower anymore?

On April 8, hours after warning that “a whole civilisation will die tonight,” US president Donald Trump, exhibiting his unique style of retreating from high-voltage brinkmanship, announced that he agreed to a two-week ceasefire with Iran. The weekend talks in Islamabad have failed and the futur

Machines communicate, humans connect

There is a moment every event professional knows—the kind that arrives without warning, usually an hour before the curtain rises. Months of meticulous planning are in place. And then comes the call: “We’ll also need a projector. For the slides.”   No email

Why India is entering a ‘stagflation lite’ phase

India’s macroeconomic narrative is quietly shifting—from a rare “Goldilocks” equilibrium of stable growth and contained inflation to a more fragile phase where external shocks are beginning to dominate domestic policy outcomes. The numbers still look reassuring at first glance: GDP


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter