DRI seizes 13 kg foreign-origin gold worth around Rs. 19.41 crore (See 'Corp Brief') PMLA - Statutory twin conditions under Section 45 of the Act can override the fundamental constitutional safeguards of personal liberty under Article 21 of the Constitution: SC (See 'Legal Desk') Saturation Campaign of Financial Inclusion to cover 2.7 Lakh Gram Panchayats and ULBs (See 'Corp Brief') DRI seizes 7 kg amphetamine and 3kg cocaine (See 'Corp Brief') IBC - Mere reason that some facts may have already been into existence but continue to exist would not mean that the application u/s 9 becomes retrospective: HC (See 'Legal Desk') Uttarakhand becomes first State to export Trout to Nepal (See 'Corp Brief') BIS organises Interactive Sessions to promote AYUSH with Quality Standards (See 'Corp Brief') PMLA - In absence of money trail connecting attached properties with proceeds of crime, subject properties cannot be attached merely as properties of equivalent value: Tribunal (See 'Legal Desk') Clarification on Legislative Developments concerning Govt's stake in IDBI (See 'Corp Brief') SEBI - The fact that criminal proceedings were subsequently initiated against appellants does not confer sanction under Section 15T of the SEBI Act to reopen a penalty order which attained finality: SAT (See 'Legal Desk') Efforts underway to develop one lakh young leaders: Mandaviya (See 'Corp Brief') IITM hosts consultation on Climate Science into Services for India Forum (See 'Corp Brief') IPR - Continued use of mark after express acknowledgment of proprietor's rights and undertaking to cease such use is strong indicator of dishonest intention and constitutes infringement: HC (See 'Legal Desk') NHAI successfully defends Arbitration Case in Chittorgarh–Udaipur NH Project (See 'Corp Brief') DFS organises workshop on Reservation Policy for PSBs & Public Sector Insurance Companies (See 'Corp Brief') IBC - Successful Resolution Applicant is entitled to pursue dues of Corporate Debtor against its debtors in arbitration even after conclusion of CIRP: SC (See 'Legal Desk') Ministry of Textiles organizes Workshops on Cyber Security & E-Waste Management Awareness (See 'Corp Brief') 'Khadi Mahotsav-2026' inaugurated in Mumbai (See 'Corp Brief') BHASHINI and IISc Bangaluru: Text-to-Speech Model for Sourashtra Language (See 'Corp Brief') IBC - Express forfeiture clause in e-auction notice binds bidder despite absence of express forfeiture stipulation in Schedule I of Liquidation Process Regulations, 2016: SC (See 'Legal Desk') Govt releases FAQs on strategic restructuring of IDBI Bank Ltd (See 'Corp Brief') CCI approves acquisition of majority stake in Tribhovandas Bhimji Zaveri by GRT Jewellers (See 'Corp Brief') CCI okays acquisition of equity in Kids Clinic India by NuageLux BidCo S.à r.l (See 'Corp Brief') A&C - Licence Agreement governing patent licences, JVA creating Indian joint venture, and MoU governing liaison services, operate in distinct fields and are not subservient to Licence Agreement: SC LB (See 'Legal Desk') CCI approves acquisition of shares in FarMart Service by Impact Fund Denmark (See 'Corp Brief') Govt approves Strategic Restructuring of IDBI Bank (See 'Corp Brief') IBC - Moratorium u/s 14 of the IBC does not apply to a surety in a contract of guarantee to the Corporate Debtor: NCLT (See 'Legal Desk') Joshi highlights Role of Standards in India's Clean Energy Transition (See 'Corp Brief') 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.