Indian Economy News

Removal of export duty will lead to new era of growth for steel industry: Mr. Jyotiraditya Scindia

  • IBEF
  • November 22, 2022

According to Minister of Aviation and Steel, Mr. Jyotiraditya Scindia, the removal of export duty on steel goods will usher in a new age of progress for the Indian steel industry, which has expanded worldwide. The domestic steel industry's expansion into foreign markets has taken years, according to the steel minister, who was speaking at the third Indian Steel Association (ISA) conference in this city.

Six months after the tax was implemented on May 21, the government reduced the export charge on steel goods and iron ore to zero with effect from November 19, 2022. The decision was made after carefully considering the concerns of all parties. The advisory committees for integrated steel plants (ISP) and other secondary sector participants advocated for the removal of the duty during multiple rounds of discussions.

Mr. Scindia claimed that India would produce steel for both domestic and international needs.

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