NMDC slashes iron ore prices by up to ₹250 a tonne
Stateowned mining major NMDC has reduced iron prices by ₹200 per tonne for the lumpore variety and ₹250 for a similar quantity of fines with effect from March 21.
Consequent to the revision, made after maintaining prices for almost two months and coming amid global cues, a tonne of lump ore will cost ₹5,800 and fines ₹5,060.
Setting the backdrop for the latest price cut are falling iron ore prices globally triggered by a dip in steel demand in China. Iron ore is a key raw material in steel manufacturing.
India has been growing in the last three quarters at 8.3% plus and emerged as a resilient powerhouse in a world that’s starved for growth, said Amitabh Kant, India’s G20 Sherpa.
India, according to the IMF, would be contributing close to 20% of the world’s economic expansion in the next decade. The Southern region is currently the country’s engine of growth and all States in the country have to grow at a fast pace to take the Indian economy to the $35trillion mark by 2047, he said while delivering the keynote address at an event organised by the Confederation of Indian Industry (Southern Region) here.
“We are an oasis of growth amid a very barren economic landscape across the globe,” he said.
Generational shift
The world’s economic trajectory was witnessing a ‘onceina generation shift,’ and to sustain growth, India has to aim at high growth rates of 910% for the next 30 years.
“India needs to accelerate to a high pace of growth and make the country grow at 910% for a threedecade period. For that, change needs to happen at the State level while a lot of efforts are already happening at the Central level,” he added.
He said countries such as Japan, South Korea, China, and Singapore sustained an economic growth of about 10% for a threedecade period.
‘‘Such economic growth is possible only if the country fires on all cylinders and not just depend on services. This will also require higher output from manufacturing and better productivity in the agriculture sector,” he opined.