Mining and metal industries require structural reforms: Kameswara Rao
Kameswara Rao, Leader Energy, Utilities and Mining, PwC India, replies to queries on what the Budget has in store for the power and metals sector
What will be the Budget impact for iron ore and steel industry?
- Subrata Mukherjee
Read our full coverage on Union Budget
Kameswara Rao, Leader Energy, Utilities and Mining, PwC India: Global iron ore prices are at a six-year low, and with prevailing export duty, Indian iron ore products are uncompetitive. Steel industry has not benefited as domestic prices have not followed suit and regulatory actions constricted supplies.
The mining and metal industries will benefit from structural reforms which the government must implement now, in particular on licensing policy, auction process, and for mineral exploration development. Further, states must facilitate consents, invest in local area development, and extend incentives for beneficiation and value addition.
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First Published: Thu, February 05 2015. 18:40 IST