| Date: |
04-03-2015 |
| Subject: |
Scrap export duty, reiterate ore exporters |
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PANAJI: The Goa mineral ore exporters association (GMOEA) on Tuesday reiterated its demand to scrap export duty on iron ore.
Disappointed with no relief in the Union budget, ore exporters felt the industry needs an impetus to gain momentum.
"Withdrawal of duty would make exports from Goa viable," said association's executive director S Sridhar, adding, "Both -- Centre and state stand to gain if it is abolished for low grade ores or even reduced to a nominal rate 'across the board' for all grades.''
"The state will be able to successfully auction its ore stocks and generate the much-needed revenue. Further, it will generate avenues for stakeholders like truck owners and barge owners. It will be a win-win situation for all," Sridhar added.
GMOEA said the export duty was initially introduced as a measure to conserve high grade ores for domestic consumption. Later, during the China boom, it was used as an avenue for revenue generation.
"In the current scenario where the prices of low grade ores have collapsed drastically, the export duty has not generated any revenue either for the state or the central government," Sridhar added.
Source : timesofindia.indiatimes.com
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