India: Slab system to revive granite industry

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Owners of small granite units in Prakasam and other districts have hailed the reintroduction of the slab system for collection of seigniorage fee on granite blocks consumed at processing units. The State government issued GO 58 on Tuesday, reintroducing the slab system for collection of seigniorage fee on granite blocks.

Chief Minister YS Jagan Mohan Reddy announced this at a public meeting held at Chimakurthy on Wednesday to mark the unveiling of bronze statues of former Chief Minister YS Rajasekhara Reddy and former Darsi MLA Buchepalli Subba Reddy.

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The slab system will give a big relief to small scale granite units (stone cutting and polishing) across the State. The change in seigniorage fee collection will increase the volume of business of granite units. The government has reintroduced the slab system after receiving several representations from the owners of small scale granite (processing and polishing) units through former minister Balineni Srinivasa Reddy and former MLA Buchepalli Siva prasad Reddy. The new GO is set to benefit 7,000 small granite units and nearly 2 lakh workers and employees of the granite industry.