Lalu Prasad wants cess to deter iron ore export

April 21st, 2008 - 6:57 pm ICT by admin  

New Delhi, April 21 (IANS) Railways Minister Lalu Prasad wants India to impose a 15 percent export duty on iron ore, before a complete ban, to preserve the country’s rich mineral reserves and promote their value addition. “It’s an irony that a country that imports steel, in a reckless manner refuses a ban on exports of iron ore without considering that if this is not stopped, the country’s mineral wealth will be depleted,” the minister said.

“Till a complete ban on the country’s iron ore exports is placed, the imposition of customs duty could work as a temporary measure,” he told a seminar co-hosted by the Associated Chambers of Commerce and Industry (Assocham) here.

Speaking about his ministry, the minister said he would lay down his office next year with a surplus of about Rs.1,000 billion ($25 billion) for the Indian Railways - against Rs.690 billion in 2007-08. He added that manpower was the organisation’s strength.

“The government had a proposal to retrench the employees as the railways were running into losses. But it was turned down. I felt the great human resource of the railways should not be retrenched - it should be strengthened,” he said.

“It was because of this reason that the railways could ensure its turnaround in the last couple of years…”

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |