The Bangalore Chamber of Industry and Commerce (BCIC) has
welcomed the Union Finance Ministry's move to hike export duty on iron ore from
the prevailing 20 per cent to 30 per cent.
In a release, the President of the Chamber, Mr Vinod Nowal,
said the chamber feels it is a significant step which will not only safeguard
the interests of the steel industry but also curb illegal mining and conserve
iron ore reserves for domestic consumption.
“This initiative of the Finance Ministry shall increase
the availability of iron ore to the steel industry in the country by
discouraging export,” he added.
The BCIC feels that iron ore resources of the country are
limited and, hence, it must be conserved; however, the banning of the entire
industry is not a long-term solution.
Source: The Business Line
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