India’s exports grow 25% in FY22; imports fall 1.68%: Kulaste

New Delhi: The exports of finished steel from India jumped over 25 percent to 13.49 million tonnes (MT) in 2021-22, Union Minister Faggan Singh Kulaste said Wednesday. During the preceding 2020-21 fiscal, the exports stood at 10.78 MT, the Minister of State for Steel said in a reply to the Lok Sabha.

The imports fell to 4.67 MT in 2021-22 from 4.75 MT a year ago, a fall of 1.68 percent, according to Kulaste.

"Government has taken various steps to increase the availability of iron ore and make them available at reasonable prices, which, inter-alia, including Mining and Mineral Policy reforms to enhance production/availability of iron ore," he said.

In the Union Budget 2022-23, the basic customs duty (BCD) on steel scrap has been exempted up to March 31, 2023.

The government also made modifications in tariffs on raw materials of steel and other steel products vide notification dated May 21, 2022, wherein import duty on anthracite/pulverised coal injection (PCI) coal, coke and semicoke and ferronickel has been reduced to zero.

Export duty on iron ores/concentrates and iron ore pellets has been raised to 50 per cent and 45 percent, respectively, and a 15 percent export duty has been imposed on pig iron.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)