: Export duty removal will promote steel industry: Scindia #FinanceIndia #StockMarketNEWS #Business Press Trust of India New Delhi Removal of export duty on steel products will lead to a new era
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Export duty removal will promote steel industry: Scindia #FinanceIndia #StockMarketNEWS #Business
Press Trust of India
Removal of export duty on steel products will lead to a new era of growth for the domestic steel industry which has gained footprint internationally, Union minister Jyotiraditya Scindia said on Monday. It has taken years for the domestic steel industry to gain footprint in the international markets, the steel Minister said at the 3rd Indian Steel Association (ISA) conference here.
The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 six months after imposition of the levy on May 21. â€œIt has taken if not months then years for our industry to be able to firmly plant its footprint internationally (On) steel product, the duty has been removed completely from Friday evening enabling a new era for the steel industry to grow,â€? he said.
The decision was taken very judiciously after taking all stakeholdersâ€™ concerns into account.
There were several rounds of discussions with the advisory committees on integrated steel plants (ISP) and secondary sector players who were of the view that the duty should be removed.
â€œFinally we came up with the judicious reasoned argument with which I approached both group of ministers and finance ministry, and I promised industry that we will take clear cut opinion certainly by November,â€? he said.
After so many years, Indian steel industry has been able to enlarge its footprint globally and therefore it was â€œour (government) job to provide a fillipâ€? to the industry, Scindia added. He said that India will be making steel not only for domestic consumption but for global needs as well.