Govt to discourage exports of iron ore
Union steel minister Mr Virbhadra Singh today said that the Central Government wanted to discourage exports of iron ore to promote export of value-added and finished products. Mr Singh was here to attend a two-day conference and exhibition of stainless steel industry ~ Indinox 2010.
"There is a demand that the country should not allow export of iron ore and it should be reserved for the domestic industry," he said, adding: “I subscribe to this view because we should export finished and value-added products instead of raw materials as China is doing."
Mr Singh said that the Central government had also imposed five per cent export duty on export of iron ore. "The ministry of steel is looking into this issue and we will discuss with other ministries concerned like finance and commerce and industry," he added. The minister said that he wanted railway coaches to be made of stainless steel, which would offer multiple benefits like durability.
"There is a demand made from here that railway coaches should be made of stainless steel. I find it very exciting," he said, adding that stainless steel-made coaches would weigh less enabling engine to pull more coaches.
Mr Singh told steel industry representatives that Centre was working to foster the growth of steel industry.
According to the Union minister, per capita steel consumption was very less in India compared to other countries like China and other developed nations. PTI
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