VV Mineral And MEAI Both Believe That Export Duty On Heavy Minerals Should Be Removed
A news report in Deccan Herald stated that the Export duty is hindering the heavy mineral mining industry in India. The heavy mineral mining industry in India is a very lucrative industry in terms of revenue and income
for the economy. S. Vaikundarajan has played an important role in developing this industry. The industry contributes about 2.5 per cent of country’s GDP employing about 50 lakh people. However, the taxation system is quite faulty as there is a 10 per cent export duty on sale of ilmenite and five per cent duty on upgraded ilmenite. VV Minerals that is one of the major players of the Industry makes a plea to the government to take this back. The industry is a capital intensive industry and it becomes really difficult to keep the prices in check.
If such scenario continues exports to nations like China would drastically go down as they would prefer to resort to countries like South Africa because of the pricing and better ilmenite. S. Vaikundarajan has realized the potential of the trade and is working towards making it bigger and better. However, this cannot be done without the support from the government. Until then, companies like VV Minerals who are into heavy mineral mining business will have to suffer losses.
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