Govt working on measures to make steel sector 'globally competitive'

The government on Sunday said it is working on various fronts to make the Indian steel sector vibrant, efficient, investor-friendly and globally competitive.

In this regard, the steel ministry is organising 'Chintan Shivir', in the presence of Steel Minister Dharmendra Pradhan on Monday, with the theme to "make the sector vibrant, efficient and globally competitive", the steel ministry said in a statement.

Despite short-term challenges and the current slowdown, it is believed that India's long-term growth story remains intact, the steel ministry said in a statement.

This growth must be backed by the steel sector by making the industry principally and fundamentally stronger, it added.

Steel is the basic input material for a host of development activities.

From a small capacity of 22 million tonne (MT) in the financial year 1991-92, India has now become the second-largest steel producer in the world with a production of over 106 MT, surpassing Japan and the US.