In May this year, the government had increased the export duty on certain grades of steel.
Continuing talks between the ministry and the government- Union Minister Jyotiraditya Scindia
‘Told the Finance Ministry about the problems being faced by the steel companies’
New Delhi. In the coming days, steel prices may see an increase. Because the central government is considering removing the export duty on steel. In May this year, the government had increased the export duty on certain grades of steel. But now it is being considered to remove or reduce it. Union Steel Minister Jyotiraditya Scindia told reporters that talks are going on at the high level in this regard.
According to news agency PTE, in response to a question related to the removal of export duty on iron ore and steel, Union Minister Jyotiraditya Scindia said that continuous talks are going on between the ministry and the government in this regard. You will be informed when a decision is taken on this.
Final decision will be taken after talks with Finance Ministry
On May 21 this year, the government had increased duty on iron ore exports to 50 per cent and for some steel middlemen to 15 per cent. At the same time, customs duty was waived on the import of certain raw materials, including coking coal and ferroncel, used by the steel industry. The purpose of this move of the government was to increase the availability of these raw materials for domestic manufacturers.
Union Steel Minister Jyotiraditya Scindia said that I have written a letter to the Finance Ministry to remove the export duty on steel and have told about the problems being faced by the steel companies. Now this issue will be discussed with the Finance Ministry and after that the government will take a decision in this regard.
Explain that the Indian Steel Association had expressed concern about the export duty imposed on steel. The ISA had said that this could lead to India losing export opportunities and this decision could also affect the overall economic activity in the country. However, due to the imposition of export duty, there was a fall in the prices of steel. In such a situation, if the export duty is removed, then steel can become expensive again in the domestic market. On the other hand, if the export duty is removed from steel, then it will be positive for the companies in the steel sector and once again there can be a rise in the giant steel stock.
FIRST PUBLISHED : September 20, 2022, 18:40 IST