INDIRECT TAXES
| JSW Steel seeks curbs on iron ore exports Wed, 14 Mar 2012 00:52:36 +0530 |
| Business Standard Economy Policy News JSW Steel Ltd, Vijayanagar,has urged Finance Minister Pranab Mukherjee to curb iron ore exports and has listed a clutch of other measures, which will help the steel industry in India. Vinod Nowal, president-Bangalore Chamber of Industry and Commerce (BCIC), and director & CEO, JSW Steel Ltd, said the resources of the country should be used for the development of the country. “The Indian steel sector, which is the backbone of the country’s infrastructure, is on the verge of exponential growth. This would require availability of the scarce iron ore for domestic consumption. Hence, export of iron ore should be curbed by way of imposing at least 35 per cent export duty,” he said. In addition to this, Nowal has urged for rationalisation of railway freight and a careful approach should be adopted while restructuring the freight as economic health of many industries depends on it. “The development of the free market economy is dependent on the ease with which import and export can be done. Hence it is imperative that new deep draft ports should be developed in public-private partnership to aid the same,” he detailed. On the aspect of waiving the 5 per cent import duty on non-coking coal, he said the availability of power for the industries as well as civilian purpose is of prime importance. “And the generation of power depends on the availability of non-coking coal at viable rates. Hence, non-coking coal should be exempted from import duty,” he explained, adding that the production of steam coal should be increased in India to meet the requirements of the power plants. Also, the power plants should get the coal linkages. While these measures, it will help the industry directly, Nowal has also urged the FM to increase spending on infrastructure. “The prerequisite for the growth of a nation is robust and strong infrastructure. The government should plan and build roads, highways and other infrastructure elements to facilitate transport of goods across the country,” he said. |
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