PTI reported that Mr Anand Sharma commerce and industry minister of India made a case for enhancing exports of iron ore pellets to further reduce the country's current account deficit.

He said that "You (industry) have to built the capacities. That is where investments have to come in. Once you have more capacities, you will export more. Export of iron ore pellets account for only 1.25% of the total installed capacity of India.”

He said that "So we are encouraging export."

Recently, pressing for withdrawal of 5% duty on export of iron ore pellets, Mr Sharma had said that the move would discourage shipments of value added products.

He said that India has one of the largest iron ore reserves in the world but due to some problems, the country is not mining enough. Increase in imports of iron ore and coal have put additional burden on India's CAD. These were avoidable imports which actually burdened our CAD.