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Indian steel sector has entered a new phase of development

The Union Minister of State for Steel and Mines, Shri Vishnudeo Sai has said that India Steel Conference and Exhibition has been making new strides in contributing to the growth of the Indian steel sector. He recalled that while a round-table meeting of steel CEOs was held in 2017, India Steel 2019 comprises not only reverse-buyer-seller meetings, but also deliberations on use of steel in manufacturing, defence and other sectors, aimed at improving steel consumption in the country. He said that summits such as India Steel have contributed to the global recognition of the Indian steel sector.

He said that steel is the foundation of the industrial economy. He said that the steel sector is vital to India’s growth, given that India is the fastest growing large economy and given the contribution of steel to manufacturing, infrastructure, power, aerospace and industrial machinery sectors. He said that Indian steel sector has entered a new phase of development; he added that the demand for steel will continue to grow.

The Minister said that India is well-poised to become the second largest producer of crude steel in the world.

He stated that India is the only country in the world which has been registering a positive growth in both production and demand for steel. He added that various factors such as stress on Make in India, urbanization, growth of manufacturing sector, GDP growth and infrastructure spending create a favourable environment for the steel sector. The steel demand from infrastructure sector is expected to rise from 50 MT in 2015-’16 to 138 MT in 2030, while steel demand from automotive, engineering and transportation sectors is expected to triple by this time period.

He said that as per National Steel Policy targets an increase in steel production capacity to 300 million tons by the year 2030-2031, and an increase in per capita steel consumption in the country from 69 kg per person to 160 kg per person.

Speaking about the potential of Indian steel sector, the Minister said that India needs to give adequate focus on raw material availability, competitive costs, skilled manpower and the strengths of the domestic market. He said that this will enable Indian steel industry to rise to a higher position on the global stage. The Minister assured all present that the Government is committed to work together with industry and other stakeholders for the betterment of the Indian steel sector.

Source: Capital Market

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