News posted by www.newsinfoline.com
New Delhi, June 20 (PTI) Industry body Assocham today asked the government to lift the 5 per cent levy imposed on coal imported by modern iron and steel mills. "Subjecting modern iron and steel makers to 5 per cent customs duty regime for import of coal is unfair, and puts them at a disadvantage with their counterparts (old plants)," Assocham said. The chamber said that steel makers, which using old techniques to produce steel, are exempted from such a levy. As India is in process of expanding its steel-making capacity through the introduction of modern and sophisticated technologies, the government should do away with such a duty, it said. ".a good number of iron and steel projects are likely to be commissioned in India with latest steel-making technologies such as Corex, Finex and Pulverised Coal Injection, which will import large quantities of coal," the industry body said. State-owned SAIL is in the process of partnering with global steel giant Posco to set up a steel plant based on Finex technology -- which uses iron ore fines and inferior-grade coal to produce steel. Assocham further said that the removal of such a duty would help reduce production costs. India currently has an annual installed production capacity of 72 million tonnes. The country aims to take this up to 124 million tonnes by 2012.
News posted by www.newsinfoline.com
Click here to read more news from www.newsinfoline.com
Please follow our blogs
newsinfolinephotogallery
prabugallery
newsinfolinephotogallery1
photogallery1
No comments:
Post a Comment