GCCI Warns Against Export Duty on Goa's Low-Grade Iron Ore

The Goa Chamber of Commerce and Industry (GCCI) has made a plea to the central government to refrain from imposing an export duty on low-grade iron ore. They caution that such a policy could lead to an annual revenue loss of over Rs 800 crore and a destabilization of the local mining sector.

In a letter to Union Minister of Mines G Kishan Reddy, GCCI highlighted the potential negative impacts of this move, including undermining investor confidence and endangering livelihoods dependent on the industry. The chamber urged for retention of the NIL export duty on ores from Goa and the Konkan region.

The chamber emphasized that an export duty levy on low-grade ores could further impair Goa's fragile economic recovery, discourage competitive bidding in mining auctions, and erode the sector's operational viability. They are concerned by speculations arising from stakeholder meetings and government committee decisions on the matter.

(With inputs from agencies.)