The government is planning to reduce the duty across all the grades of iron ore to 10 percent. According to a report, the aim is to help the industry to stay competitive amid weak commodity market , which saw ore prices drop to decade low.
As per the sources the proposal has been made by the Mines Ministry to the Finance Ministry and is expected to get included in the upcoming Budget, which will be presented on February 29th.
The main motive behind this crucial step is to help the iron industry, which is facing low times since a long time.
