Impose 20pct export tax on iron ore - Mr Virbhadra Singh
In order to discourage the export of iron ore, Mr Virbhadra Singh steel minister demanded an imposition of export tax at the rate of 20% on the commodity, with immediate effect.
As a long term policy, the minister went ahead seeking a ban on export of iron ore, stating that the raw material should be preserved for the use of the domestic industry.
Mr Singh said that "As far as steel ministry is concerned, we favor placing a ban on export of iron ore. We should conserve iron ore to meet the present and future requirements of the country rather than repenting later."
He further said that as an immediate step towards restricting exports, a flat 20% duty should be levied on iron ore consignments leaving the country.
At present, export duty on iron ore fines is 5% while it is 15% on lumps.
India produced about 230 million tonnes of iron ore in the last fiscal, of which around 106 million tonnes were exported, mainly to China.
(Sourced from Times of India)
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