The influential iron ore mining industry in Goa could have just got a fresh lease of rejuvenation in the Union Budget presented by Finance minister Arun Jaitley, who on Monday announced the reduction of taxes and a complete abolition of export duty of low grade iron ore.
Beset by challenges of resumption of mining excavation following a three year ban and falling global prices of iron ore, the Goa Mineral Ore Exporters Association (GMOEA), which is represented by representatives of the top mining companies in the state, has welcomed the sops by Jaitley and added that it would help he mineral exporters in Goa to compete with global iron ore export players.
“It has been a demand from the industry for a long time. The entire business of iron ore is undergoing fierce competition following the global price crash. This will put the industry in Goa in position to compete with global competition,” spokesperson for the GMOEA Glen Kalavampara told The Pioneer.