Iron ore curbs cause $17.5 bn loss: miners

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. Ore exports declined from 118 million tonnes in 2011-12 to just 18 million tonnes in 2012-13 and are expected to slide further to around 10 million tonnes in this financial year. Sumant Banerji reports.

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.

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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.