Ban on Iron Ore Mining in India Has Led to 1 Million Lost Jobs

Business Standard reported that a joint study conducted by Yes Bank and the Associated Chambers of Commerce and Industry shows that the ban on iron ore mining and exports in the states of Karnataka and Goa, India, has led to job losses to the tune of about 1 million, directly and indirectly, in recent years.

As quoted in the market news,

‘After the global meltdown and export ban in Goa and Karnataka, a significant decline was registered in the production of minerals. This had a major consequence on iron ore exports that declined markedly from over 117 million tonnes (mt) in 2009-10 to about 14 mt in 2013-14 thereby leading to massive job loss,’ noted the study: ‘Mining: Building a Sustainable Development Framework For Inclusive Growth’.

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