In a move to throw a life-line to the struggling Goan iron ore sector, the Centre may soon come out with a special package for miners in the state by slashing duty on exports of the steel-making raw material, which presently stands at 30%
Mining plays a vital role both for Goa's economy and its people. However, mining activity in Goa has been shut for over two years now, although the Supreme Court lifted the ban in April last year. However, it is back on January 15, the Goa government revoked its order of September, 2012 regarding suspension of mining operations.
In a double whammy for the state, ban on mining coupled with an exorbitant 30% duty on iron ore exports made it difficult for miners in the state, which was once the largest exporting one. These problems got compounded with the slump of the iron ore price globally to its five-and-a-half year low last week.
In wake of all these problems faced by the state, Steel and Mines Minister Narendra Singh Tomar has also written to the Finance Ministry seeking an upward duty revision on steel imports that now ranges from 5-7.5%. It has sought introduction of a different duty structure for exports of low-grade iron ore from the state.
Notably, the government is contemplating on this move after steel imports into the country in the first nine months of the current fiscal zoomed around 60% forcing Indian domestic steel-makers to hold on prices even as their margins are getting further squeezed.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: