The government expects to resolve the iron ore mining issue within two months. Mines Minister Dinsha Patel has said that the government planning to export more iron ore, while consultation for filing a review petition on iron ore mining issue in the Supreme Court is going on. Through this petition, the government will urge the court to lift ban on iron ore mining in Goa.
In order to boost the iron ore exports, the government is also planning to lower export duty on iron ore to 20 percent from the present 30 percent. The move will help to contain country’s high current account deficit (CAD), which widened to record high of 4.8 percent of GDP in the previous fiscal.
Further, the government is likely to bring a note before the Cabinet Committee on Economic Affairs (CCEA) soon, for residual stake sale in Hindustan Zinc and Balco in order to meet its disinvestment target of Rs 54,000 crore for the current fiscal. The government already reported that all legal hurdles for residual stake sale in Hindustan Zinc and Balco have been cleared. At present, the government holds 29.5 percent stake in Hindustan Zinc and 49 percent stake in BALCO. The government had sold controlling stake in these two companies in 2001-2003.
In order to boost the iron ore exports, the government is also planning to lower export duty on iron ore to 20 percent from the present 30 percent. The move will help to contain country’s high current account deficit (CAD), which widened to record high of 4.8 percent of GDP in the previous fiscal.
Further, the government is likely to bring a note before the Cabinet Committee on Economic Affairs (CCEA) soon, for residual stake sale in Hindustan Zinc and Balco in order to meet its disinvestment target of Rs 54,000 crore for the current fiscal. The government already reported that all legal hurdles for residual stake sale in Hindustan Zinc and Balco have been cleared. At present, the government holds 29.5 percent stake in Hindustan Zinc and 49 percent stake in BALCO. The government had sold controlling stake in these two companies in 2001-2003.
No comments:
Post a Comment