Govt actively studying duties levied on steel exports: Jyotiraditya Scindia
The government is actively studying the issue of the export duty imposed on specific grades of steel in May this year.
The matter is being discussed at the highest level, Union steel minister Jyotiraditya Scindia told reporters at the National Management Convention organized by the All India Management Association (AIMA).
"This is under active study by my department and the government. We are certainly discussing this at the highest level. When a decision is taken on this, you shall be informed," he said in reply to a question about whether the government is considering removing export duty on iron ore and steel intermediaries.
On May 21, the government hiked the duty on iron ore exports by up to 50 percent and for a few steel intermediaries to 15 percent. It also waived customs duty on importing some raw materials, including coking coal and ferronickel, used by the steel industry. The move aimed to increase the availability of these raw materials for domestic manufacturers.
When asked if he had written a letter to the finance minister seeking removal of the duties, the minister replied: "I have written to the finance ministry on several issues facing the steel industry. Based on the discussions, I will be in discussions with the finance ministry, and the government will take a considered view on all those issues."
Expressing concern over the duty levied on overseas metal shipments, the Indian Steel Association (ISA), which represents the domestic steel companies, had said India might lose export opportunities. The decision may also impact the overall economic activity in the country.