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FIMI seeks rollback of iron ore export duty

The mining industry has sought a cut in export duty on iron ore, currently pegged at 30%.

The Indian iron ore miners claim that such duty hikes, the second in fiscal 2011-12, had rendered the Indian iron ore uncompetitive in the global market thereby affecting exports and has also hit the profitability of Indian miners.

In a letter to the Finance Minister, Mr Pranab Mukherjee, on Monday, the Federation of Indian Mineral Industries said the duty hike was counterproductive for all concerned, including the Central Government.

FIMI claimed that the Centre was losing on export duty due to reduced exports, whereas the States were earning less royalty revenues due to reduced output. Also, the earnings of the Railways and the Ports were impacted due to lower traffic volumes during the year.

FIMI said seeking a roll back of the duty hike on all categories of iron ores including the fines and lumps said that “The uncertainty in fiscal regime is impacting the foreign direct investment and investment in exploration.”

Late December, the Government had hiked the export duty on iron ore fines and lumps to 30% from the earlier 20%.

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