Removal Of Export Duty On Steel Products Will Lead To New Era Of Growth For Steel Industry, Says ScindiaThe Union minister also added that India will be making steel not only for domestic consumption but also for global needs as well

Union minister Jyotiraditya Scindia, on Monday, said that the 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. The minister was speaking at the third Indian Steel Association (ISA) conclave.

"It has taken if not months then years for our industry to be able to firmly plant its footprint internationally. On steel products, the duty has been removed completely from Friday evening enabling a new era for the steel industry to grow," said Scindia in a statement.

As per reports, the government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022, six months after the imposition of the levy on May 21. The decision was taken very judiciously after taking all stakeholders' concerns into consideration. Also, the reports stated that there were several rounds of discussions with the 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 a group of ministers and the finance ministry, and I promised industry that we will take a clear cut opinion certainly by November. After so many years, the Indian steel industry has been able to enlarge its footprint globally and therefore it was the government's job to provide a fillip," said the minister.

He also added that India will be making steel not only for domestic consumption but also for global needs as well, according to the PTI report.