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India should boost iron ore production to hike nation’s growth, says Anil Agarwal

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The metal and mining lord, who is hoping to resume its   iron oreproduction in Goa at any time soon, also added that, the decline in the production of iron ore is one of the many reasons in the slump of Indian Rupee. He also stated that, the production ban on the iron ore mines should be removed as soon as possible.
 In an interview, he stated that, at present the value of rupee is going down, and one of the main reasons behind this decline is that the production of iron ore is not improving. Sesa Sterlite, a firm owned by the Vedanta Group, is the largest exporter of iron ore, from the private sector of the country, and also owns the seventh largest iron ore reserve in the world.
 The export of iron ore, which is a key material in the process of steel production, was recorded at 100 million tonnes in India. In the year 2011-2012, the export rate declined to about 62million tonnes, in the year 2012-2013, the export rate declined to 18.37 million tonnes, and in the year 2013-2014, the production declined to about 14.42 million tonnes. This decline in the export of iron ore, is due many reasons, which includes high duties and also freight rates.
 Anil Agarwal stated that, all over the world, the governments encourage the miners to increase their production when the environment permit is approved, but only in India, the miners are asked to put in caps on the production, this cap on production should be banned, and the government should allow the miners to increase production.

 The Supreme Court on removing the ban in the month of April, had imposed a cap on the iron ore production, at about 20 million tonnes per year. The Sesa Sterlite owns about 14-5 iron ore leases, which is located in Goa. Before the ban on the company’s iron ore mines, it used to produce about 14 million tonnes of iron ore, out of  40 million tonnes, which is the total iron ore production in the state.

Source:Scrap Monster

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