Indian Govt. plans to ease export duties to boost mining

In a bid to promote mining as a stronger business in India, the Government is planning to rationalize custom as well as export duties for major minerals like iron, manganese and bauxite ore once the coal mine auctions are concluded.

The new reforms to the duty rates would most likely be announced in the 2015-16 Budget. The power sector participants are hoping that the 2.5% custom duty on coal imports imposed in the last Budget will also be rolled back.

Meanwhile the domestic mining industry is hoping finance minister, Arun Jaitley, will ease the export duties so that the mining can prosper as a standalone business.

The government is now keen to boost the mining industry and has already started auctioning of mines to make materials more available. The slashing of export duty rates will facilitate the exports of the minerals bringing in viable revenues.

There are also plans to impose quantitative restrictions of the export of manganese ore to help the domestic aluminium industry in making strong-grade alloys in the country.

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