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Wednesday, March 02,
According to J. Mehra, Director Essar Group, “One thing, which has come good, is that excise duty has been retained. The industry has wanted the government to take steps to conserve exhaustible resource. I would, therefore, say that the duty imposed on the exports of iron ore is a good step in that direction.”.*
However, it is believed that implementation of the announcement plays a major role. If implemented properly, it should certainly put the pressure on the prices which would obviously give some relief to the industry. The iron ore prices in the last few years have sky rocketed.
Commenting on where prices would from here, he further added, “I don’t think prices will go much more than what they have gone. Basically, the prices at the moment are peaking off. Beyond this point, I don’t expect the prices to go up very high”
According to C.S. Verma, SAIL’s chairman, “Higher export duty on iron ore has been a long pending demand of the steel industry and the budget has taken care of the issue by increasing the export duty to 20%”. Further, reduction in surcharge on income tax from 7.5% to 5% will have a positive impact on domestic companies, making available disposable surplus for investment, he added
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