Steel Minister Seeks FM’s Help to Support Indian Steel Sector

Business Line reported that India’s Steel Minister Mr Jyotiraditya Scindia, two and a half month after assuming charge, has written to Finance Minister Ms Nirmala Sitharaman seeking several measures to support Indian steel sector1. Reimbursement of export duty paid by exporters for pre-contracted orders and those backed by Letters of Credit2. Action against dumping of stainless steel by Indonesia and China3. Inclusion of steel in Remission of Duties & Taxes on exported products4. Removal of import and customs duty on a variety of steel-making inputs like manganese and chrome ore, Corex coal, natural gas5. Abolishing GST compensation cess on coalThe Minister in his letter mentioned that state-run PSU-steel-maker RINL is facing financial difficulties. He wrote “The company is under strategic disinvestment. It is proposed that the forged wheel plant of RINL at Rae Bareilly be permitted to be operated in an OnM model by a private company or the unit be considered for being hived off. Any of the two measures will generate much required funds for the steel-maker.”The Minister has also sought exemption from payment of export duty on iron ore pellets for KIOCL, whose operations have been badly hit by export duty

Steel Minister Seeks FM’s Help to Support Indian Steel Sector

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