DT
PT
Subscribe To Print Edition About The Tribune Code Of Ethics Download App Advertise with us Classifieds
search-icon-img
search-icon-img
Advertisement

Government exploring measures to boost iron ore production, ensure competitive domestic prices: Piyush Goyal

  • fb
  • twitter
  • whatsapp
  • whatsapp
Advertisement

New Delhi [India], September 9 (ANI): Union Minister of Commerce and Industry Piyush Goyal has said the government is actively engaging with the steel and allied industries to explore ways to increase iron ore production and ensure competitive prices for domestic consumption.

Advertisement

"We have assessed several areas to increase iron ore production significantly. Increase the export of iron ore and steel with larger volumes of iron ore....being available for domestic consumption at competitive prices," Goyal said on the sideline of the 6th edition of the ISA Steel Conclave, responding to a query on the possibility of reduction in iron ore prices in India.

Asked about a specific production target for iron ore, the minister noted that the government is in the process of forming an advisory group comprising stakeholders from both public sector undertakings (PSUs) and private companies, along with representatives from various ministries.

Advertisement

"We are setting an advisory group and various stakeholders both PSUs and private companies with various ministries involved. They will deliberate and come up with actionable plans and timeframe....," Goyal added.

Production of some key minerals in the country witnessed strong growth in FY 2024-25, after reaching record production levels in FY 2023-24. Iron ore accounts for 70% of the total MCDR mineral production by value. As per provisional data, production of iron ore at 289 million metric ton (MMT) in FY 2024-25 has broken the production record of 277 MMT achieved in FY 2023-24, with a 4.3 per cent growth.

Advertisement

On the India-EU Free Trade Agreement (FTA), Goyal said that negotiations are progressing well.

"I think the chief negotiators are working to converge on different parts of the agreement. Almost 60% of the chapters are completed and finalised. By the time the EU Trade Commissioner and the EU Food Commissioner arrive in India, we will be quite set to try and conclude the agreement substantially," Minister said.

Goyal had said last week that the FTA negotiations between India and the European Union are in an advanced stage. (ANI)

(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)

Advertisement
Advertisement
Advertisement
tlbr_img1 Classifieds tlbr_img2 Videos tlbr_img3 Premium tlbr_img4 E-Paper tlbr_img5 Shorts