New Delhi: 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, Union minister Jyotiraditya Scindia said on Monday while addressing the 3rd Indian Steel Association (ISA) Conference. "It has taken years for the domestic steel industry to gain footprint in the international markets," said the steel minister at the conference. "The government has cut the export duty on steel products and iron ore to nil with effect from November 19," he added. "It has taken if not months then years for our industry to be able to firmly plant its footprint internationally on steel product, the duty has been removed completely from November 18, enabling a new era for the steel industry to grow," Scindia said.
Commenting on the decision-making process, the minister said that the decision was taken very judiciously after taking all stakeholders' concerns into account. There were several rounds of discussions with advisory committees on integrated steel plants (ISP) and secondary sector players who were of the view that the duty should be removed. "Finally we came up with the judicious reasoned argument with which I approached both the 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 job to provide a fillip to the industry," Scindia added. He said that India will be making steel not only for domestic consumption but for global needs as well.
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