Removal of export duties on steel, stainless steel will strengthen that sector of the economy: Jyotiraditya Scindia

22 Nov 2022 , 01:38 PM

Union Minister of Steel and Civil Aviation Jyotiraditya Scindia on Monday stated that the removal of export duties on steel and stainless steel by government will herald a new era for the nations steel sector. He said it will allow the steel sector to firmly establish its position in the global market. The Government had withdrawn the export duty on iron ores lumps & fines below 58% Fe content, iron ore pellets and the specified steel products including pig iron last Saturday. The import duty concessions on Anthracite/PCI coal, coking coal, coke & semi coke and ferronickel were also withdrawn. Delivering the keynote address at the third conclave of the Indian Steel Association (ISA), Scindia said that the steel sector will not only restore its international footprint but will also reach newer heights in a relatively short period of time in the domestic market. Scindia stated that the Prime Minister has put forth the mandate to enhance capital infrastructure by nearly Rs 17 lakh crore per year, thus increasing demand for steel by close to double digits (approx 10% per year). Further, he said that the steel sector has not just emerged from a difficult time during the peak of COVID-19, but has also emerged stronger, more resilient, global, focused, and committed. Our sector has witnessed a huge transformation during the past eight years, and has emerged globally from being a 4th largest producer to the 2nd largest producer and the 2nd largest consumer of steel. Powered by Capital Market – Live News