ENA Sectors 2024-01-02 15:51:31 <p><span style="font-size:14px"><strong>New Delhi, Jan 2 (KNN)</strong> The Competition Commission of India (CCI) has advised against endorsing the exports of iron ore from the nation, given its non-renewable nature, in a new Market Study on Mining Industry released on Monday.</span></p> <p><span style="font-size:14px">Instead, the CCI recommends adopting the Chinese strategy of importing iron ore, despite China being a leading global producer, a move that has propelled China to become the world's top steel manufacturer.</span></p> <p><span style="font-size:14px">By discouraging such (iron ore) exports, we can enhance the domestic supply, the study stated.</span></p> <p><span style="font-size:14px">It is crucial to consider the potential depletion of this non-renewable resource and its impact on future generations, it added.</span></p> <p><span style="font-size:14px">As India transitions towards Aatmanirbhar Bharat, the study suggests prioritising the export of higher value-added products, such as finished steel.</span></p> <p><span style="font-size:14px">To address the accumulation of low-grade iron ore, the study recommends the implementation of cutting-edge technologies for upgrading through beneficiation processes once iron ore exports are discouraged.</span></p> <p><span style="font-size:14px">CCI highlights the government's efforts in regulating the outward movement of national wealth by periodically changing the export duty structure for the iron ore sector.</span></p> <p><span style="font-size:14px">While the export duty on low-grade iron ore, pellets, and specified steel products was removed from November 19, 2022, a reduced export duty of 30 per cent applies to high-grade lumps and fines containing over 58 per cent iron.</span></p> <p><span style="font-size:14px">The study stresses the necessity of strict control over the over-exploitation of iron ore due to its significance as a non-renewable national resource.</span></p> <p><span style="font-size:14px">Emphasising sustainable mining practices, the study calls for a well-defined regulatory framework to phase out 'dirty' technologies gradually.</span></p> <p><span style="font-size:14px">It proposes incentives for adopting clean technology and transforming existing production processes into sustainable modes.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36115 https://knnindia.co.in/news/newsdetails/sectors/cci-recommends-restricting-iron-ore-exports-advocates-sustainable-mining-practices 2024-01-02 15:51:31 knnindia.co.in