"We expect the raw material cost to come down due to GST. Under it (GST) iron ore has been placed under the five per cent tax bracket," Singh said at a Ficci event organised here.
"The lower raw material cost will help in making the sector more competitive and boost exports."
According to Singh, even the logistics cost and the time taken for transport of steel based goods will be reduced.
"The time and cost taken for transport is also expected to come down substantially," Singh said at a workshop organised by Ficci on the 'National Steel Policy 2017' (NSP) and 'Policy for Providing Preference to Domestically Manufactured Iron and Steel Products in Government Procurement' (DMI&SP).
Singh elaborated at the workshop that NSP 2017 and DMI&SP which lay emphasis on value addition, research and development (R&D) and raw material security will pave the way for an accelerated growth of the steel industry.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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