Wednesday, June 4, 2008

15% duty on Indian Iron Ore exports proposed

by Jo Black

Seeking a complete ban on export of iron ore in the long run, Indian Railways Minister, Mr. Lalu Prasad proposed 15% export duty imposition on such exports to help the country protect its domestic steel industry and preserve its highly precious natural resources.

Inaugurating the ASSOCHAM organized Seminar on Public Private Partnership, Mr. Prasad said that Railways Ministry would recommend to the Finance Ministry to immediately impose 15% exports duty on iron ore exports as a measure to protect and preserve exports of iron ore for value addition services by domestic industry.

Until a complete ban on the country’s iron ore exports is placed, imposition of exports duty could work as a temporary measure, said Mr. Prasad, pointing out it is an irony that a country which imports steel in a reckless manner refuses ban on exports of iron ore without taking into consideration that if this is not stopped, the country’s mineral wealth will deplete.

On the issue of movements of grains through railways, Mr. Prasad said that it would move grains and other items on priority basis for PDS purposes and there won’t be any shortages of wagons to restrict grains supplies.

The Minister also said that Railways would come forward to integrate various rivers across the country whose waters could be supplied through huge pipeline networks that would be laid on both sides of railway tracks.

This proposal is at the preliminary stage and if accepted could be used for supplying drinking water and also for irrigation purposes.

 

 

 

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