As per the news article on Deccan Herald News Portal , the 10% export duty on ilmenite has affected the mineral industry greatly in places like Gujarat and Karnataka.
Since this industry provides employment to about 50 lakh people, the Government should consider this in a serious manner. Also, the sale of these products is mainly dependent on the Chinese markets, and, since the duties are high, the Chinese buyers may opt to change their preferences to South African heavy mineral mining companies.
Recently at the India Mining Summit, the director of VV Minerals, V Subramanian, also stated in his business session about the issues private mining companies face. The session focused on ‘Export duty on heavy minerals especially on ilmenite’.
More Detail Interview On Daily Pioneer.
VV Mineral, India owned by Mr. S. Vaikundarajan is the nation’s largest mining, manufacturer and exporter of garnet and ilmenite, and Mr. Subramanian spoke about the cost and regulatory challenges faced by the mining industry with specific reference to impact of high excise duties on heavy minerals such as, ilmenite.