New Delhi: Union Minister Jyotiraditya Scindia said today that removal of export duty on steel products will lead to a new era of growth for the domestic steel industry which has gained footprint internationally. He was speaking at the 3rd Indian Steel Association (ISA) conference in New Delhi.
It has taken years for the domestic steel industry to gain footprint in the international markets, the steel minister said.
The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 — six months after imposition of the levy on May 21.
“It has taken if not months then years for our industry to be able to to firmly plant its footprint internationally… (On) steel product, the duty has been removed completely from Friday evening enabling a new era for the steel industry to grow,” he said.
“Finally we came up with the judicious judicious reasoned argument with which I approached both group of ministers and finance ministry, and I promised industry that we will take clear cut opinion certainly by November,” he said.
After so many years, Indian steel industry has been able to enlarge its footprint globally and therefore it was “our (government) job to provide a fillip” to the industry, Scindia added.
India’s removal of export duty on steel intermediates “immensely helps” domestic companies compete in international markets amid a global slowdown in consumption of the alloy, JSW Steel’s finance chief, Seshagiri Rao M.V.S., told Reuters on Monday.
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