- December 10, 2022
- Posted by: admin
- Category: News & Atricles, Uncategorized
Will the removal of export duties on steel and stainless steel will strengthen that sector of the economy? Know more from Jyotiraditya Scindia
The government removed export taxes on steel from Saturday. The Ministry of Finance said that the Centre has restored the status quo before May 22 this year. It eliminates export taxes on lump iron ore and fines under iron content 58, iron ore pellets and specific steel products including cast iron. Import tax incentives for anthracite, coking coal, coke and semi-coke, and ferronickel are also eliminated.
These measures will boost the domestic steel industry and boost exports.
Union Steel and Civil Aviation Minister Shri Jyotiraditya Scindia said the government’s removal of export taxes on steel and stainless steel will herald a new era for the country’s steel industry and will allow it to firmly established its position in the world market. The government eliminated export taxes on iron ore and fines containing less than 58% Fe, iron ore pellets and specific steel products including cast iron. Import tax incentives for anthracite/PCI coal, coking coal, coke and semi-coke, and ferronickel are also eliminated. Speaking at the opening of the 3rd Conference of the Indian Steel Association (ISA) today, Shri Scindia said the steel industry will not only re-establish its international footprint but also reach new heights within a period of time. relatively short in the domestic market.
Shri Scindia said the Prime Minister has assigned the task of improving the infrastructure which is nearly Rs 170,000 per year, thus increasing steel demand by almost double digits (about 10% per year). Moreover, he said that the steel industry not only emerged from the difficult period during the peak of COVID-19, but also grew stronger, more resilient, global, focused and cohesive. Our sector has undergone a major transformation in the past eight years and has gone from the 4th producer globally to the 2nd producer and 2nd consumer of steel. He added that this transformative growth path has been envisioned by Prime Minister Shri Narendra Modi in the form of Shatabdi Kal’s Atma Nirbhar Bharat by 2047. This self-sufficiency task will involve strengthening infrastructure and manufacturing, including steel as the key foundational factors. part. Finally, he also insisted on creating the steel brand ‘Made in India’.
According to the Minister, the policy of using domestic steel has saved Rs 22,400 crores for imported steel. He called for the industry to adopt a circular economy approach, which would involve a gradual shift to making steel from scrap. Furthermore, to increase domestic production, Shri Scindia said, the Productivity Linking Incentive (PLI) Program for Special Steels received 79 applications from 35 companies, resulting in an investment of nearly Rs 46,020 crore and increased capacity by nearly 26 million tons, and the potential to create jobs for nearly 70,000 people. He said this PLI program will further boost domestic steel demand in the coming months.
ISA President, Shri Dilip Ommen; SAIL President, Smt. Soma Mondal; Tata Steel CEO, Shri T. V. Narendran and other stakeholders of the Indian steel industry expressed their views during the inaugural session of the conclave. All hailed the government’s decision to lift export duties on steel and stainless steel and described it as a boon for India’s steel industry. On this occasion, ISA Steel awards were presented to various members of the steel association, including Mr. Jatinder Mehra, Vice President – Metals and Mining, who received the Lifetime Achievement Award. for his exemplary work and contributions to the industry. A knowledge document on “The Road to Low Carbon Steel” was also released during the opening session of the conference.