How relevant is the new five-year Exim policy to the promotion of mineral exports?
In the light of the none-too-encouraging export growth, the Union Government has outlined a major policy thrust by removal of packaging restrictions and lifting quantitative restrictions on most of the commodities. However, no such relief has been granted to the mineral sector. The major minerals, which add to forex earnings, are still canalised and there are restrictions in terms of quantity and quality. The only exception has been in the case of mica, mica waste and scrap, which were earlier canalised, but have now been decanalised and are freely exportable. There has been no change in respect of the ferrous group of minerals, such as, iron ore, manganese ore and chrome ore, which account for a major portion of mineral exports. It is rather surprising that while imports of iron, manganese and chrome ores have been totally freed, both in terms of quantity and quality, their exports are still canalised and restricted, particularly of iron ore with more than 64 per cent of iron content.
