The Indian ministry of mines wants the government to lift the ban on iron ore mining in the country’s key states, including Goa and Karnataka. The exportation of this valuable substance, mainly used to produce steel, has dropped more than 70 percent over the past years, recently revealed the Business Standard.
The Supreme Court will receive an affidavit filed by the ministry within the next two weeks in order to launch a debate about the measure. The next step of the process will happen in mid-September, when a hearing will be held to discuss the ban on mining.
According to the governmental authority, the ban has impacted the country’s overall economy, employment and revenue generation with the exports shrinking since 2010. Currently, India is struggling to hold on to its title of third largest iron ore exporter.
According to data released by the Federation of Indian Mineral Industries, the ban effects in Goa and Karnataka already cost the country about $10 billion.
There are signs of change in the air, however. India’s Finance Minister, P. Chidambaram, said the government was eager to start exporting mining again.