In the long-term, this landmark moment’s broad-based impacts are quite simply unprecedented.
Three years ago, India was one of the largest exporters of iron ore in the world.
The global economy, at that time was still finding its feet post the financial crisis in 2008. At that time, it was China and India that underpinned the recovery process.
Three years on, China is no longer driving demand, commodities are reeling under massive pressure, shale gas has revolutionized the energy sector and the Eurozone seems to be more vulnerable than ever.
The iron ore produced in Goa contains lesser content of ‘Fe’ (below 58 per cent).
The Indian government has reduced export duty on iron ore with low ‘Fe’ content to 10% and has increased duty on imported steel.
Anil Agarwal, Chairman, Vedanta, believes that this time too, Vedanta will be in the forefront to ‘Find In India’ which will be aligned to the PM’s vision to ‘Make in India’.
The Codli mine has a capacity of 3.1 mtpa, which is over 60 per cent of the stipulated cap for Vedanta. Once all mining plans of the company resume production, full-fledged activities also will mean employment for around one lakh families in Goa, whose lives traditionally revolved around mining before the ban.
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