DoT leads Thematic Session on 'Intelligent Networks and Quantum Communication' at ESTIC 2026 (See 'Corp Brief') GeM reduces Transaction Charges to 0.30%, Raises Exemption Threshold to Rs 10 Lakh (See 'Corp Brief') Companies Act, 2013 - Pendency of challenge to a judgment before a Division Bench does not extinguish its binding force, where judgment is neither set aside nor stayed: HC (See 'Legal Desk') MoS highlights India's rise as a global co-creator in science and technology (See 'Corp Brief') MoS leads Indian delegation to Singapore International Energy Week 2026 (See 'Corp Brief') MoS felicitates Winners of Viksit Bharat Buildathon 2025 (See 'Corp Brief') Trade Marks Act, 1999 - Court's intervention is needed where the parties furnish affidavits making undertakings that effectively resolve the issues at hand: HC (See 'Legal Desk') DRI seizes around 55,000 e-cigarettes worth more than Rs. 13.5 crore (See 'Corp Brief') Insolvency and Bankruptcy Code, 2016 - CIRP merits being ordered in respect of an applicant when there is no reason to deny admission once the statutory requirements for initiation of CIRP by the Corporate Applicant, are satisfied: NCLT (See 'Legal Desk') Scientists engage with farmers in Delhi's rural areas under 'Khet Bachao Abhiyan' (See 'Corp Brief') Yadav calls for translating Global Biodiversity Commitments into Effective Implementation (See 'Corp Brief') Competition Act, 2002 - Allegations of anti-competitive agreements or of abuse of dominant position are tenable where no cogent evidence is furnished to bolster the allegations raised: CCI (See 'Legal Desk') Energy Technology Meet inaugurated in Goa, Highlights India's Energy Security Priorities (See 'Corp Brief') Discussions must lead to practical actions that cities can adopt: MoS (See 'Corp Brief') CARA organises Regional Consultative Workshop to expand Adoption of Children with Special Needs (See 'Corp Brief') ICAR-MGIFRI promotes Soil Health, Balanced Fertilisation and Sustainable Orchard Management (See 'Corp Brief') IPR - If well-known pharmaceutical mark with established goodwill & continuous use is sought to be diluted by subsequent user adopting coined expression sharing dominant prefix, case calls for interim injunction: HC (See 'Legal Desk') Bhupender Yadav emphasizes importance of Science-based Biodiversity Governance (See 'Corp Brief') PM Vishwakarma Artisans showcase Traditional Crafts at BRICS Cultural Bazar (See 'Corp Brief') Industrial Settlements benefit Over 10,900 Bihar Gramin Bank Employees (See 'Corp Brief') Startup Credit Guarantees reach Rs 1,662 Crore (See 'Corp Brief') IPR - Converting passing off action into infringement claim post-registration does not change basic structure of suit: HC (See 'Legal Desk') Nadda leads Integrity Pledge Ceremony at Ministry of Health and Family Welfare (See 'Corp Brief') RM calls for 'Aatmanirbharta 2.0', next leap in defence self-reliance, at SWAVLAMBAN 2026 (See 'Corp Brief') IBC - Admission u/s 7 IBC requires summary finding of debt & default above statutory threshold, and not exact reconciliation or forensic reconciliation of accounts: SC (See 'Legal Desk') MoRTH to organise 'Transport Mela' under PARIVARTAN Scheme in Delhi-NCR (See 'Corp Brief') NCB launches 'Operation Trident', with 38 teams striking 38 locations (See 'Corp Brief') NIFTEM-K hosts India's First AI × Food Tech Hackathon, 'Hack the Fork' (See 'Corp Brief') Misc - Administrator could neither assume RBI's write-down power at point of non-viability nor exercise it after reconstruction scheme took effect: SC (See 'Legal Desk') GeM promotes 'The AABHAR Collection' to showcase India's Cultural Heritage (See 'Corp Brief') National Conclave 2026: Technical sessions outline reforms for future-ready cities (See 'Corp Brief') PM's appeal has given a new identity to Khadi: KVIC Chairman (See 'Corp Brief') SARFAESI - Secured creditor stepping into shoes of borrower/lessee cannot claim rights superior to those of original lessee: HC (See 'Legal Desk') Three-day event 'India Chem-2026' concludes in Mumbai (See 'Corp Brief') Agricultural Biological Resources generate ABS Benefits for Biodiversity (See 'Corp Brief') BHASHINI Division showcases Multilingual AI Solutions for Accessible Research at IIT Delhi (See 'Corp Brief') Capital Market - Sec 12A of Commercial Courts Act is mandatory and strict condition precedent for maintaining commercial suit where no urgent interim relief is contemplated: HC (See 'Legal Desk') Fisheries Investors & Exporters Conclave 2026 to boost Investment and Exports from Inland Fisheries (See 'Corp Brief') India's First Maritime NBFC SMFCL scales up with Rs 5,107 Crs disbursed (See 'Corp Brief') India advances Agrivoltaics Cooperation for Global South (See 'Corp Brief') RTI - Information regarding public orders & ongoing court proceedings is already accessible in public domain - falls outside disclosure obligations of public authority under statute: SEBI (See 'Legal Desk') An unsuccessful 'success fee' litigation (See CORP EINSICHT)

Print

Export duties removal to help steel and stainless steel sector: Scindia

Published: Nov 22, 2022

By TIOLCorplaws News Service

NEW DELHI, NOV 22, 2022: UNION Minister of Steel and Civil Aviation Jyotiraditya Scindia stated that the removal of export duties on steel and stainless steel by the government will herald a new era for the nation's steel sector, and allow it to firmly establish its position in the global market.

The Government had withdrawn the export duty on iron ores lumps & fines below 58% Fe content, iron ore pellets and the specified steel products including pig iron last Saturday. The import duty concessions on Anthracite / PCI coal, coking coal, coke & semi coke and ferronickel were also withdrawn. Delivering the keynote address at the third conclave of the Indian Steel Association (ISA) today, Scindia said that the steel sector will not only restore its international footprint but will also reach newer heights in a relatively short period of time in the domestic market.

Scindia stated that the Prime Minister has put forth the mandate to enhance capital infrastructure by nearly Rs 17 lakh crore per year, thus increasing demand for steel by close to double digits (approx 10% per year). Further, he said that the steel sector has not just emerged from a difficult time during the peak of COVID-19, but has also emerged stronger, more resilient, global, focused, and committed. Our sector has witnessed a huge transformation during the past eight years, and has emerged globally from being a 4th largest producer to the 2nd largest producer and the 2nd largest consumer of steel.

He added that this transformational growth path was envisioned by Prime Minister Narendra Modi in the form of an Atma Nirbhar Bharat by Shatabdi Kal in 2047. This mission of achieving self-reliance would involve boosting infrastructure and manufacturing, of which steel is a crucial foundational part. To that end, he also emphasised on establishing a "Made in India" steel brand.

The policy of using domestic steel has saved Rs. 22,400 crores on steel imports, according to the minister. He urged the industry to adopt a circular economy approach which would involve a gradual movement towards steel production from scrap. Further to increase domestic production, Scindia said that the PLI Scheme (Productivity Linked Incentive) for speciality steel has received 79 applications from 35 companies, resulting in an investment of close to Rs 46,020 crore and increase in capacity of almost 26 million tons, and employment generation potential of nearly 70,000 people. This PLI scheme will provide new impetus to domestic steel demand in the coming months, he said.

The President of ISA, Dilip Ommen; Chairman of SAIL, Soma Mondal; Managing Director of Tata Steel, T. V. Narendran and other stakeholders of the Indian steel industry expressed their views in the inaugural session of the conclave. They all welcomed the government's decision to remove export duties on steel and stainless steel and described it as a booster for the Indian steel sector. ISA Steel Awards were presented on the occasion to different members of the steel fraternity including Mr. Jatinder Mehra, Vice President - Metals & Mining, who was awarded the Lifetime Achievement Award for his exemplary work and contribution to the sector. A knowledge paper on 'Pathways to Low Carbon Emission Steel' was also released in the opening session of the conclave.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.