Tue. Dec 6th, 2022

The government is actively studying the issue of export duties that were imposed on certain grades of steel in May this year.

The matter is being discussed at the highest level, Union Steel Minister Jyotiraditya Scindia told reporters at the National Management Convention organized by the All India Management Association (AIMA) in New Delhi.

“This is something that my department and the government are actively looking into. We are certainly discussing this at the highest level. When a decision is made on this, they will be informed,” he said in response to a question about whether the government is considering removing the export duties from steel and iron ore brokers.

On May 21, the government raised the tariff on iron ore exports by up to 50 percent and for some steel brokers by up to 15 percent. It also eliminated customs duties on the import of some raw materials, including coking coal and ferronickel, used by the steel industry. The purpose of the measure was to increase the availability of these raw materials for domestic manufactures.

When asked if he had written a letter to the finance minister requesting the removal of the duties, the minister replied: “I have written to the finance ministry about a number of problems facing the steel industry. I will be in talks with the finance ministry.” finances and based on the discussions, the government will have a considered opinion on all those issues.

The Indian Steel Association (ISA), which represents domestic steel companies, raised concerns about the tariff applied to overseas shipments of the metal, saying India could lose export opportunities and the decision could also affect economic activity. overall of the country.

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