Domestic steel sector has been brought on track with multiple initiatives taken by the NDA government in its four years of rule, Union Steel Minister Chaudhary Birender Singh said today.
The government's focus on the sector also catapulted the country to the second spot in global steel output, the minister outlined.
Talking about achievements of his government in the last four years, he said, "The circumstances under which the global steel industry was passing through impacted the Indian industry too. Results of it included rise in NPAs."
India's steel sector has been growing at a compounded annual growth rate of about 5 per cent, he said. "Our country at one point of time was fourth largest steel maker and the output could not touch three digits. In 2015, we became the third largest leaving behind the US. This year we overtook Japan and became the second largest crude steel producer."
"SAIL in third and fourth quarter (of FY18)) reported profit and next year, this is what I claim, if we continue with same momentum then we may have Rs 3,000 crore profit."
Disclaimer: No Business Standard Journalist was involved in creation of this content