Ahead of
India's Union Budget on February 1, 2017,
iron ore miners have submitted petitions for reduction of the 30 percent export duty on high grade
iron ore and fines, at least down to 10 percent, on par with the export duty applicable for low grade fines, an official at
India's Ministry of Steel has said.
The steel ministry official that several bodies representing
iron ore miners from across mineral-bearing states in
India have submitted their petitions as part of the government's pre-budget consultations and these have been forwarded to the Ministry of Finance for consideration and possible inclusion in the national budget to be placed before
India's parliament on February 1.
The Ministry of Steel has given a "positive recommendation" while forwarding the miners' demands to the Ministry of Finance, the steel ministry official added.
The petitions seeking lowering of export duty pointed out that after five consecutive years of negative growth,
iron ore production in the current year is expected to record a positive growth and boosting exports with lower export duties will make Indian exports more competitive in the international markets and thereby enable miners to sustain the growth in production.
According to government data, Indian
iron ore production registered negative growth rates of 20 percent, 19 percent and 15 percent in the financial years 2011-12, 2012-13 and 2014-15 respectively.