Steel industry welcomes duty cut on steel exports

Steel industry welcomes duty cut on steel exports

by

According to a statement from the finance ministry, export duties will be “zero” for certain pig iron and steel products as well as iron ore pellets.

Industry participants said on Saturday that the government’s plan to eliminate the export tax on steel products would increase demand for the metal.

Six months after the levy’s implementation on May 21, the government has reduced the export tariff on steel goods and iron ore, with effect from November 19, 2022.

According to a statement from the finance ministry published late Friday night, export duties will be “zero” for certain pig iron and steel products as well as iron ore pellets.

Seshagiri Rao, Joint MD, JSW Steel & Group CFO, said, “Reviving domestic steel demand will be a significant sentimental booster, particularly at a time when the global steel demand is on a precipitous decline.”

The move, which was made as soon as the inflation rates dropped to a manageable level, according to Indian Steel Association (ISA) Secretary-General Alok Sahay, demonstrates the government’s concern for the average citizen and the industry.

Steel industry welcomes duty cut on steel exports

This would re-energize and further push the industry to move on with complete confidence to put the steel sector on a path of inclusive growth, according to Dilip Oommen, CEO of ArcelorMittal Nippon Steel (AMNS) India. Oommen also serves as the ISA president.

The CEO of Jindal Stainless, Abhyuday Jindal, referred to it as a long-awaited action.

“In order for indigenous producers to compete with their international rivals, this was urgently needed.” “I am convinced that this would support the government’s Make in India and Local to Global visions,” added Jindal.

Disclaimer

Disclaimer: The above details are sourced from various Online reports. The website does not guarantee 100% accuracy of the figures. All Images that are Used in this post from Instagram Google Image and Credit Goes to their Respective Owners. Contact Us on this Email [email protected] for Credit or Removal of these Image

Note: sarkarijobindian.com does not aim to promote or condone piracy in any way. Piracy is an act of crime and is considered a serious offense under the Copyright Act of 1957. According to the Indian copyright act, an attempt to commit, aid, support, or counsel an act of piracy will be punishable with up to 3 years of imprisonment, and up to a ₹2,00,000 fine.

Leave a comment

No Mission Is Impossible For Tom Cruise. Watch Him Riding Off A Cliff Join Indian Navy Agniveer SSR 01/2023 Batch May Recruitment 2022 Apply Online for 1400 Post Dhokha Movie Download MP4moviez and Telegram to Watch Online FIFA World Cup 2022 Points Table – Group A to H Team Standings Steel industry welcomes duty cut on steel exports