Iron ore exports plunge 28% in first nine months of fiscal
18 Jan 2014 12:35 AM GMT
India, once the third largest exporter of iron ore, had exported 15.55 MT of the mineral in the corresponding period of last fiscal, data released by FIMI showed.
‘We expect the situation to continue as long as government policy does not change. There is total gloom in the sector, there is no ray of hope,’ FIMI Secretary General R K Sharma said.
He added that this year's iron ore exports are expected to come down by 20 per cent to about 14-15 MT from the levels of 18.37 MT in 2012-13. Paradip (4 MT), Vizag (3.84 MT) and Haldia (1.58 MT) are the major ports from where export of the minerals are taking place, the FIMI data showed.
Indian iron ore exports have been hurt badly in the last few years due to mining bans in Goa and Karnataka, which led to a drastic fall in domestic production as well. Increase in export duty to 30 per cent on both types of iron ore, lumps and fines, in December 2012, has also impacted the sector.
Presently, low grade iron ore (or fine) are being exported from Odisha, Jharkhand, Rajasthan and Madhya Pradesh as mining is still banned in Goa. Export of the mineral is not permitted from Karnataka at present.
Few days back, the Goa government had issued a notification to sell about 15 MT iron ore through exports, as per a Supreme Court order. However, none of it is expected to be exported. Industry is estimating that India's total iron ore production in the present fiscal will be around 140 MT, almost the same as last year.
Posco green nod will lure firms to invest in India: Korean Prez
New Delhi: India's environment clearance to the Rs 52,000 crore Posco steel project will inspire other big companies to invest in the country, Korea said on Friday.
‘When the Posco project in Orissa kicks off on full scale, it would inspire other large conglomerates in Korea to channelise investible funds into India,’ South Korean President Park Geun-hye said.
Addressing Indian industry bodies here, she called for liberalising visa regime and improving business cooperation among small and medium enterprises to create more jobs in India as well as South Korea. Referring to the Comprehensive Economic Partnership Agreement, signed in 2009 and operationalised in 2010, she said there is a need to negotiate it with authenticity to help businesses from the two sides to reap the benefits of CEPA.
‘Since the operationalisation of CEPA, trade in volume terms has risen 70 per cent but the agreement leaves much to be desired. Its content does not match with that of other FTAs,’ Geun-hye said.
There is enough potential to raise the level of trade and investment to much higher levels through optimum utilisation of the CEPA and liberalisation of the visa regime for greater people-to-people contacts, she added.
The Commerce Ministry earlier this week commissioned a study to assess the impact of free trade agreement (FTA) with South Korea, with which India had a trade deficit of about $9 billion in 2012-13.
‘We expect the situation to continue as long as government policy does not change. There is total gloom in the sector, there is no ray of hope,’ FIMI Secretary General R K Sharma said.
He added that this year's iron ore exports are expected to come down by 20 per cent to about 14-15 MT from the levels of 18.37 MT in 2012-13. Paradip (4 MT), Vizag (3.84 MT) and Haldia (1.58 MT) are the major ports from where export of the minerals are taking place, the FIMI data showed.
Indian iron ore exports have been hurt badly in the last few years due to mining bans in Goa and Karnataka, which led to a drastic fall in domestic production as well. Increase in export duty to 30 per cent on both types of iron ore, lumps and fines, in December 2012, has also impacted the sector.
Presently, low grade iron ore (or fine) are being exported from Odisha, Jharkhand, Rajasthan and Madhya Pradesh as mining is still banned in Goa. Export of the mineral is not permitted from Karnataka at present.
Few days back, the Goa government had issued a notification to sell about 15 MT iron ore through exports, as per a Supreme Court order. However, none of it is expected to be exported. Industry is estimating that India's total iron ore production in the present fiscal will be around 140 MT, almost the same as last year.
Posco green nod will lure firms to invest in India: Korean Prez
New Delhi: India's environment clearance to the Rs 52,000 crore Posco steel project will inspire other big companies to invest in the country, Korea said on Friday.
‘When the Posco project in Orissa kicks off on full scale, it would inspire other large conglomerates in Korea to channelise investible funds into India,’ South Korean President Park Geun-hye said.
Addressing Indian industry bodies here, she called for liberalising visa regime and improving business cooperation among small and medium enterprises to create more jobs in India as well as South Korea. Referring to the Comprehensive Economic Partnership Agreement, signed in 2009 and operationalised in 2010, she said there is a need to negotiate it with authenticity to help businesses from the two sides to reap the benefits of CEPA.
‘Since the operationalisation of CEPA, trade in volume terms has risen 70 per cent but the agreement leaves much to be desired. Its content does not match with that of other FTAs,’ Geun-hye said.
There is enough potential to raise the level of trade and investment to much higher levels through optimum utilisation of the CEPA and liberalisation of the visa regime for greater people-to-people contacts, she added.
The Commerce Ministry earlier this week commissioned a study to assess the impact of free trade agreement (FTA) with South Korea, with which India had a trade deficit of about $9 billion in 2012-13.
Next Story
