The Indian mining industry is unimpressed by the government’s recent cuts in corporate tax rate and lofty pronouncement of increasing mineral output by 200% over the next seven years.
The Federation of Indian Mineral Industries (FIMI) said that despite the reduction in corporate tax rate, the Indian mining industry continued to remain burdened with the highest tax rate in the world, with effective rate of 58% in case of existing mines and 54% in case of mines allocated through the auction route.