New Delhi. Union Steel and Civil Aviation Minister Jyotiraditya Scindia said on Monday that the removal of export duty on steel products would usher in a new era of growth for the domestic industry. He said that this decision has left its mark at the international level. Speaking at the third convention of the Indian Steel Association (ISA) here, the steel minister said it took several years for the domestic steel industry to make inroads in the international markets.
The government has reduced the export duty on steel products and iron ore to zero from November 19, 2022, six months after the tax was imposed on May 21. “It has taken years, not months, for our industry to establish a strong presence internationally.
The duty has been completely removed from last Friday, heralding a new era of growth in the steel industry.” The Union Minister said that the decision was taken very thoughtfully keeping in mind the concerns of all the stakeholders.