NEW DELHI: India’s iron ore exports fell 61 percent to $63.84 million in March, country earned $165 million by exporting iron ore in the same month of last year.
India’s iron and steel imports, on the other hand, jumped 15 percent to clock $1.22 billion in March from $1.06 billion a year ago.
The imports surged to a record last fiscal, keeping up the pressure on the domestic sector already reeling under squeezed margins. The industry has been pitching for an import duty hike for quite sometime now to correct the imbalance.
Steel and Mines Minister, Narendra Singh Tomar, has already written to the Finance Ministry on this issue.
Once the world’s third-largest suppliers of iron ore, India has become a net importer over the last few years after a series of mining bans in mineral-rich states like Odisha, Goa and Karnataka.
Analysts said iron ore prices dropped globally to all-time lows, with a high export duty of as much as 30 per cent only precipitating the matter.
Furthermore, iron ore exports from Goa have been suspended over regulatory clearances, and the Goa Mineral Ore Exporters Association has held that it’s unlikely to resume soon.
lamic banking assets reach Rs14.47 trillion, sector share rises to 23%
KARACHI: Pakistan’s Islamic banking sector expanded during 2025, increasing its share in the country’s financial system with assets reaching nearly...
