Advertisement

HindustanTimes Thu,18 Dec 2014

Iron ore curbs cause $17.5 bn loss: miners

Sumant banerji, Hindustan Times  New Delhi, July 31, 2013
First Published: 22:50 IST(31/7/2013) | Last Updated: 22:53 IST(31/7/2013)

India is estimated to have lost foreign exchange worth $ 17.5 billion (Rs 105,000 crore) between 2010-11 and 2012-13 due to the decline in export of iron ore.

Advertisement

Ore exports declined from 118 million tonnes in 2011-12 to just 18 million tonnes in 2012-13 and is expected to slide further to around 10 million tonnes in this financial year, due to mining curbs imposed in the three mineral rich states of Goa, Karnataka and Odisha. It has also led to job losses of around 1 million people directly or indirectly.

“Lack of policy initiatives and timely corrective measures has brought the economy to this stage,” said HC Daga, president, Federation of Indian Mineral Industries.


Advertisement
more from Business

Cabinet okays GST Bill; next stop Parliament

Plans to introduce India’s most ambitious reform initiative, the unified Goods and Services Tax, has entered the final leg, with the Cabinet on Wednesday approving a fresh Constitution Amendment Bill.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved