Indian evolved as the third largest steel producer in the world: Minister
Singh made the comment while speaking at the second meeting of the recently constituted National Steel Consumers’ Council of Ministry of Steel.
Outlining the current position of the Indian steel sector in the world, he even said: "The sector is poised to become 2nd largest producer putting Indian steel prominently on the map of the global industry."
The minister explained the benefits of the newly formed National Steel Policy (NSP) 2017 by the central government.
He said with the support of the policy, the sector will be able to create an environment for promoting domestic steel and thereby ensuring that production meets the anticipated pace of growth in demand.
Considering India as one of the fastest growing economy in the world, the minister said that steel finding its extensive application in areas like construction, infrastructure, power, aerospace, industrial machinery and consumer products, the sector is of strategic importance to the country.
The recent dip in the GDP of the country for the fourth quarter of the 2016-2017 fiscal year, has enabled China to overtake India as the fastest growing economy.
The NSP would focus on ensuring raw material security, import substitution, enhancing steel consumption, R&D of value added steel, increasing energy efficiency and sustainability, establishing India as cost-effective and quality steel destination, and reducing Carbon foot-print of the industry, Singh mentioned.
Emphasizing on the low life cycle cost of steel, the minister said, "it is a viable option for large construction, buildings or for individual users too." He said to enhance steel consumption, Steel Ministry has identified construction and manufacturing sectors like Rural development, Urban infrastructure, Roads & Highways, Railways etc. to be the key focus areas.
He also indicated reasonableness of raw material prices of iron ore and coal.
"When we can substitute our entire requirements for any kind and quality of steel for being used in our industries it will be truly translating Make in Steel for Make in India," Singh said at the meeting.
Image: Official Facebook page of Birender Singh.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
