The Union Steel Minister Chaudhary Birender Singh addressed a press conference after holding a Consultative Committee meeting on achievements of the NDA Government and specially of the Steel Ministry during the 3 Years of the Government in Dharamshala today. He said that the Indian steel industry is ready to become the second largest steel producer in the world, leaving behind Japan.
Chaudhary Birender Singh said that the steel sector will become more vibrant and dynamic after the ‘National Steel Policy (NSP) 2017’ and ‘Policy for preference to domestically manufactured iron & steel products in government procurement’ becomes effective. The NSP reflects the aspirations of domestic steel industry for achieving 300MT of steelmaking capacity by 2030-31. This translates into additional investment of about Rs. 10 lakh Crore and 11 lakh additional workforce getting employed in the steel sector.
Speaking on the Steel Processing Unit (SPU) project in Kandruri Distt. Kangra in Himachal Pradesh, he said that the Steel Processing Unit will be operationalized within the next couple of months. This involves an investment of around Rs. 76 crores. This unit will produce value-added products like TMT bars approximately 1 lakh tonne per annum.
Shri Birender Singh said that Steel industry needs to go for value-added steel in order to improve competitiveness globally. “For example SAIL & Arcelor Mittal would soon formalize the Joint Venture for production of automotive-grade steel. This will be a big step-forward under the Prime Minister’s Make in India Programme” Shri Singh added.
The Minister also announced the institution of Best Steel Structures Awards for best steel structures in PMAY (Rural and Urban), building projects, and roads made with steel reinforced cement concrete and other extraordinary structures using steel in abundance. Steel consumption will get a big boost due to these initiatives.
Dr. Aruna Sharma, Secretary Steel, and Senior Officials from the Ministry &the Steel PSUs were present on the occasion. Pursuing a clear agenda of growth, the Ministry of Steel has had many firsts to its credit. In the year 2015, India became the third largest producer of steel in the world. Recent data shows that India is now looking at positioning itself as the second largest in the very near future.
In the last three years, there has been capacity addition at a steady CAGR of about 7%. There has also been an improvement in the overall capacity utilization.
India has emerged as a net exporter of steel in the year 2016-17, with 97% increase in overall exports and a 37% decline in imports of steel products over the same period in the previous year.
While India roars on the world stage through its Make in India campaign, it plans to increase steel capacity to 300 million tonnes and per capita steel consumption to a level of 160 Kgs by 2030-31. The Ministry of Steel is steadfast at making sure that doing business in the steel sector in India is easier, more profitable, eco-friendly and sustainable while it makes a mark on the global scene.