India earned Rs 86,822 cr in Apr11-Jun14 on steel exports

The country earned a revenue of Rs 86,822 crore (Rs 868.22 billion) from steel exports during April 2011 to June 2014, the government said on Monday.

"The revenue earned through exports of alloy, non-alloy and semis between April 2014 and June 2014" stood at Rs 7,971 crore (Rs 79.71 billion), Minister of State for Steel and Mines Vishnu Deo Sai told the Lok Sabha in a written reply.

Sai said the revenue on account of steel exports stood at Rs 29,994 crore (Rs 299.94 billion) in 2013-14, Rs 26,912 crore (Rs 269.12 billion) in 2012-13 and Rs 21,946 crore (Rs 219.46 billion) in 2011-12 respectively.

On high prices of steel in the domestic market, Sai said, "As the prices are essentially market driven, government has no role in fixation of prices."

He, however, added that the government has taken a number of steps for corrective measures that include formation of an inter-ministerial group in the Ministry of Steel for expediting investment projects in the sector.

"To increase domestic value addition and improve iron ore availability for domestic steel industry at reasonable prices, duty on export of iron ore has been increased to 30 per cent."

"Recently the government has imposed export duty of 5 per cent ad valorem on export of iron ore pellets," he said.