Budget impact on metal and mining sector: PwC

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Mining sector has recorded a growth of 2.3% for 2008-09 as against a growth of 5.1% for 2007-08. Basic metals and alloys industry grew by 4% compared to 12% growth in 2007-08. Raw coal production growth rate was around 6% during the period from 2003-04 to 2007-08 which increased to about 8% during 2008-09. Steel exports for 2008-09 provisionally stood at 3.66.

Government's 100-days' Action Programme

• Pursuing the National Mineral Policy, 2008 (for non-fuel and non-coal minerals), seeking to make regulatory environment conducive to private investment so as to attract large investments and high technology.

• Royalty system on minerals to be rationalized by adopting ad valorem principle, wherever feasible.

• Steel Ministry to prioritize and expedite Greenfield and brownfield capacity expansion in order to achieve 124 million tonne capacity projected by 2012.

For more see attachment...

Attachments : Budget 2009 Snapshot - Metal & Mining Sector.pdf
Budget 2009 Snapshot - Metal & Mining Sector.pdf