The Indian mining industry is unimpressed by the government’s recent cuts in corporate tax rate and lofty pronouncement calling for an increase in mineral output of 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 an effective rate of 58% in the case of existing mines and 54% in the case of mines allocated through the auction route.
