The Engineering Export Promotion Council (EEPC) of India on Saturday welcomed the federal government's decision to withdraw the 15 percent export duty imposed on iron ore and steel products, saying it will boost engineering goods exports.
It also said the federal government's decision would check the downward trend witnessed in steel exports in recent months.
"We welcome the government's decision to withdraw the 15 percent export duty imposed on iron ore and steel products as it will boost engineering goods exports and contain the downward trend seen in steel exports," said the EEPC India in a statement immediately after the federal government announced the withdrawal of the export duty.
In an official statement, the federal Ministry of Finance said that the government has restored the status quo as was prevailing prior to May 22 and withdrawn the export duty on iron ore lumps and fines with less than 58 percent Fe, iron ore pellets and the specified steel products including pig iron.
The import duty concessions on anthracite/PCI coal, coking coal, coke and semi coke and ferronickel have also been withdrawn, said the ministry's official statement.
EEPC India said that it had made an earnest appeal to the federal government to reverse its May 2022 decision to impose export duty on steel and alloy steel items considering its adverse impact on the engineering goods sector.
"During October, engineering exports fell 21 percent primarily due to decline in shipments of steel and its products," it said. Source: Xinhua
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