Pradhan Mantri Mudra Yojana completes 11 Years of empowering Small and Micro Entrepreneurs (See 'Corp Brief') International Conference on Spacecraft Mission Operations being held in Bengaluru (See 'Corp Brief') IPR - Prior user of trademark has superior rights over subsequent user who holds registration for same or similar mark: HC See 'Legal Desk') Sirsa to review status of saline water Aquaculture cluster notified under PMMSY (See 'Corp Brief') TRAI releases paper on Satellite Communication Network Authorisation (See 'Corp Brief') Union Minister of Power to embark on 4-Day Visit to Bhutan (See 'Corp Brief') Benami Act - If no loan was repaid in actual, and just funds have been rotated among same group of parties, thereby establishing benami transaction, provisional attachment is justified: SAFEMA See 'Legal Desk') CCI nod for acquisition of shares by Coastal Cedar Investments in Fleur Hotels (See 'Corp Brief') CCI approves acquisition of equity of KNR SPVs by Indus Infra Trust (See 'Corp Brief') CCI approves acquisition by Citrus Investment LLC of shares in Hitachi Construction Machinery (See 'Corp Brief') CCI okays acquisition of equity shares of Aditya Birla Housing Finance Ltd. by Indriya Ltd. (See 'Corp Brief') Company Law - Sourcing pre-condition deposit unlawfully from corporate funds in direct violation of Sec 185, or executing settlement agreements without effectuating actual refunds or delivering legally valid & habitable possession, is illegal: SC (See 'Legal Desk') CCI approves acquisition of equity in Nabha Power by Torrent Power Ltd. (See 'Corp Brief') Prototype Fast Breeder Reactor at Kalpakkam attains First Criticality (See 'Corp Brief') Policy for Transit Oriented Development for providing affordable housing in Delhi (See 'Corp Brief') PMLA - Initiating proceedings under PMLA for continuing possession or use of proceeds of crime acquired prior to enactment of PMLA does not violate Article 20(1) of Constitution: HC (See 'Legal Desk') Ministry of Mines notifies Amendment in Rules for Faster Operationalisation of Mines (See 'Corp Brief') Govt to curb Distress Sale in APT Crops; Value Addition to boost Farmers' Income (See 'Corp Brief') Navi Mumbai turning Textile Waste into Opportunity for People (See 'Corp Brief') TRAI releases Paper on 'Formulation of Regulatory Framework for ALTD Services (See 'Corp Brief') IPR - Minor alteration to well-established trademark, such as changing single letter, does not render new mark dissimilar, especially when it remains phonetically and visually close to original: HC (See 'Legal Desk') GeM achieves Rs 18.4 Lakh Crore GMV, Emerges as Key Digital Public Procurement Platform (See 'Corp Brief') Benami Act - Burden of proof of benami transaction rests strictly upon person asserting it, and reliance solely on uncorroborated statements of third parties recorded in unrelated Income Tax proceedings, is insufficient: SAFEMA (See 'Legal Desk') Union Minister to inaugurate NCVET Capacity Building (See 'Corp Brief') FEMA - Continuing adjudication u/s 16 of FEMA despite competent authority's refusal to confirm seizure u/s 37A of FEMA, is contrary to law: SC (See 'Legal Desk') Minister calls for stronger research-industry linkages to scale food innovation sector (See 'Corp Brief') A&C Act - Doctrine of 'transnational issue estoppel' applies to enforcement proceedings u/s 48 of Arbitration Act, barring enforcement court from undertaking merits-based review: SC (See 'Legal Desk') MoS backs scaling up indigenous Insulin production amid global supply concerns (See 'Corp Brief') A&C - Mere existence of document, despite it containing arbitration clause, would not qualify as arbitration agreement, unless it is signed by parties seeking to invoke clause as also party against whom enforcement is sought: HC (See 'Legal Desk') New Sainik School reflects Centre's Vision for Nation-Building through Education (See 'Corp Brief') A&C - Agreement to sell being unregistered and unstamped as per Registration Act, Transfer of Property Act, and Indian Stamps Act, cannot be enforced: HC (See 'Legal Desk') Supreme Court Clears Path For Single Insolvency Proceedings Against Linked Group Companies (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
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.