Government plans to wipe out plans on banning iron ore exports

NEW DELHI (Scrap Monster): In the Lok Sabha, a written question was published, whether the government is planning to the export of iron ore, which contains more than 64 percent of iron, in order to benefit the domestic iron ore producers, to which the Mines and Steel Minister, Vishnu Deo, answered negative.

The Minister then stated that, the government has come to the decision that, even though the conservation of domestic iron ore producers is of very much importance, but this might not work out by banning the iron ore exports, but will only be possible by applying certain fiscal measures on the matter.

The iron ore exports in the country attract exactly 30 percent of taxes for the government.  The government is working on a plan, Special Mining Zone, for the fast development of resources like coal and iron ore, which would allow miners better mining facilities without much restriction.

Many iron ore mines in India have been shut don’t followed by the order of the Supreme Court, which has affected the domestic production of iron in the country. It has also affected the export of iron ore from India, declining it and also increased the import of iron ore in India