The Minister of Steel, Mr Virbhadra Singh, on Friday, said the Government was working towards imposing a ban on export of iron-ore and other non-value added items.
In a summit organised by the Indian Chamber of Commerce, Mr Singh said, “I feel that the time has come to export finished products rather than iron-ore which is of lower value. Hopefully, within a year we will take some steps to put an end on exports of non-value added items.”
The Minister also announced that two public sector units had been identified for disinvestment and that he will be taking the proposals to the Cabinet and Finance Minister “within this month”.
He added that the Steel Ministry is looking to raise Rs 15,000 crore from the proceeds of disinvestment.
Regarding foreign direct investment in the steel sector, Mr Singh said that the Central Government was open for participation of foreign equity in the private sector but state governments were acting as an impediment for FDI to come in.
He also said that the recent hike in steel prices was unjustified.“There is no real justification for the steel companies to increase prices of the two basic inputs which go into manufacturing steel, iron-ore and coking coal. I shall give them a friendly advice on this matter,” he added.
Source : Business Line