Date:21/01/2005 URL: http://www.thehindubusinessline.com/2005/01/21/stories/2005012101921700.htm

Back INTUC calls for ban on iron ore export

Our Bureau

Visakhapatnam , Jan. 20

THE Indian National Trade Union Congress (INTUC) is of the view that exporting iron ore in bulk quantities to countries such as Japan will hurt the interests of the domestic steel industry in the long run and therefore, it should be done away with.

Mr G. Sanjiva Reddy, the President of the union, said at a press meet here on Thursday that it was estimated that the iron ore deposits would last another century. However, as the country was planning to double its steel production in the next two decades, it would not be advisable to export ore. Ultimately, there may be ore scarcity for the domestic industry, he said.

He sought amendments to the Bonus Act and the raising of the eligibility ceiling to enable employees to get bonuses. Further, he sought the Finance Minister to raise the floor-level personal income tax exemption limit from the present Rs 50,000 to Rs 1,50,000.