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India surpassed Japan to become the second largest steel producer. India's steel output grew 3.43 per cent to 8.43 million tonnes (MT) in February. The country is also the largest producer of stainless steel in the world.
"Indian steel industry is full of opportunities and we are already second largest steel producer (of crude) and must aim to become number one in quality steel by diversifying into wide range of high-quality products," the steel minister said.
He said this while felicitating the winners 'My Love Steel Idea Contest' organised by his ministry for coming up with best innovative business ideas in the sector.
The competition saw 68 entries, out of which three ideas were short-listed. The person who stood first was awarded a prize amount of Rs 5 lakh. The second and third were awarded a sum of Rs 3 and Rs 2 lakh each.
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