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10K CR Mine Revenue

Odisha has been able to generate all time high revenue from Mineral sector setting an record sort during 2018-19 by collecting over Rs,10,000 Crore.


Price Rise along with Demand Hike in International Market has helped the mineral rich state to produce more minerals and generate more revenue, said an official.
 
Latest statistics from Integrated Financial Management System (IMFS) collection reveals that as on 31 March, 2019, State Government has collected Rs.10, 294.39 Crore from Mineral sector.

This is all time high said sources in Department of Steel & Mines, which has boosted the State Exchequer.

And these revenue resources will be useful for developmental sector, which needs more funds, said a senior official in Department of Finance.

ACS Steel & Mines, Raj Kumar Sharma, who was monitoring the Non Tax Revenue Collection from Metal and Metallurgical Sector during the entire year feels happy, said sources.

Mr.Sharma was also keeping a close watch on enforcement activities to plug leakage, which helped in generating more revenue to the State Exchequer.

Last year generation of Non Tax Revenue from Mineral sector was Rs.6130 Crore.

All Mineral production reached 289.55 Million Ton during 2018-19, which was 270.84 Million Ton during 2017-18.

In fact Odisha has produced 118 Million Tons of Iron Ore, during 2018-19, which was 105 Million Ton 2017-18.

Similarly permitted dispatch touched 140.9 Million Ton, which was 125.9 Million Ton during 2017-18, said Mr.Sharma.

With the Iron ore prices rose in the global markets after an accident in Brazil, one of the major exporters in the World, Odisha has been able to produce more Iron Ore and despatch the same.

Experts say that the global industry is expected the demand to go up, which would support a positive price outlook for the industry.

In the country, Domestic iron ore supplies would exceed the demand by around 25 Million Ton, and the situation is unlikely to change materially in FY2019-20 when most of the merchant mining leases would expire in March 2020.

The total Iron Ore requirement in India for Financial year 2018-19 was 201.2 Million Ton, while the estimated domestic iron ore production is 210 Million Ton with imports at 15.7 million, said sources.

This leaves the country with a 24.5 Million Ton surplus iron ore during the year.

Increased production in Odisha during the last fiscal could offset the production loss in Goa due to regulatory issues, said an expert.
 
 


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