Steel Industry looks forward to 'cohesive and comprehensive' agenda to accelerate growth

Chairman of CII National Committee on Steel and Chairman, Steel Authority of India Limited C S Verma on Thursday called for a cohesive and comprehensive agenda for the new government in order to accelerate growth in steel sector for a capacity building of 300 million tons per annum by 2025.

The key focus areas discussed included, ensuring availability of iron ore and coal mines to existing steel plants, improving viability of the alloy and stainless steel sector, impact of Comprehensive Economic Partnership Agreements with Japan and Korea on the steel industry and rationalizing the railway freight structure so that there is no cross-subsidization.

Speaking at the meeting of CII National Committee on Steel, C.S. Verma highlighted the major issues concerning the steel industry, and said that though there are adequate resources of iron ore and coal available in the country, ironically, ensuring uninterrupted availability of these two key raw materials for the industry remains a challenge.

He called for allocation of coking coal blocks to the steel industry and also setting up washeries on war footing in the country, with appropriate linkages of coal supplies in order to reduce dependence on imported coking coal. India's coking coal potential must be unleashed for the steel industry in the national interest, he said.

The committee emphasized for the need for faster environmental and forest clearances on a single window basis. Members also emphasized the need for thrust on improving energy efficiency, water harvesting, GST implementation, more avenues for utilization of waste such as fly ash and slag etc.

To achieve the target of 300 MTPA by 2025, the industry needs to represent well to the new government and put forth its views objectively. A paper on the same was decided to be made in the next 7-10 days.

The meeting was attended by industry leaders and heads of various industry associations and related stakeholders.