India economy loses about 8 billion dollars in the iron ore industry

Author: Paul Ploumis
28 Oct 2014 Last updated at 08:03:14 GMT
NEW DELHI (Scrap Monster): Even though the ban were lifted from the mines in the month of April, the miners are feeling negative about the market. Moreover, the global customers from India, has turned against the country’s produce of iron ore, stating that, they cannot relay on a supply which is not uniform and constant.

The halt in the mining process, not only badly effected the iron ore industry, but also many other  sectors associated with the industry. The cooperative banks have loaned for about 850 crores regarding the advance payment in the iron ore mining sectors.

The non payment of this loan has adversely affected the small co-operative banks who have loaned small terminal operators and the decline in iron ore industry has failed the  payment of the loan. One fourth of the state economy, of Goa comes from iron ore mining, at the same time, and more than 10 percent of the population of the state depends on the mining sector for their living. The miners in the state, said that,  they have less hope about the regaining iron ore export in India, after the imposition of the ban.