Raw material security, R&D thrust areas for steel industry: Steel Minister

To enhance steel consumption, the Ministry to focus on construction and manufacturing sectors

Chaudhary Birender Singh (left) at the National Steel Consumers’ Council meeting

Last Updated : Jun 17 2017 | 12:31 PM IST

Chairing the second meeting of the recently constituted National Steel Consumers’ Council in Bhubaneswar yesterday, Minister of Steel, Chaudhary Birender Singh stated that raw material security, import substitution, enhancing steel consumption and focus on R&D were some of the thrust areas for Indian steel industry.

Indian steel sector has evolved as third largest steel producer in world and is poised to become second largest producer putting Indian steel prominently on the map of the global industry.

The Minister said, “India being one of the fastest growing economies in the world, and steel finding its extensive application in areas like construction, infrastructure, power, aerospace, industrial machinery and consumer products, the sector is of strategic importance to the country. Owing to the significance of the sector and dynamic scenario in steel sector, the Government came up with National Steel Policy (NSP) 2017. With the roll out the New Steel Policy, it is envisaged that the industry will be steered with appropriate policy support in creating an environment for promoting domestic steel and thereby ensuring that production meets the anticipated pace of growth in demand.”

Outlining the thrust areas of National Steel Policy he said, the NSP would focus on ensuring raw material security, import substitution, enhancing steel consumption, R&D of value added steel, increasing energy efficiency and sustainability, establishing India as cost-effective and quality steel destination, and reducing carbon foot-print of the industry. Singh also elaborated on the policy on preference to Domestically Manufactured Iron & Steel products (DMI & SP) which will cause increase in the consumption of domestic steel and help the Indian steel makers.

To enhance steel consumption, Steel Ministry has identified construction and manufacturing sectors like rural development, urban infrastructure, roads & highways, railways etc. to be the key focus areas. The Ministry has also intensified its research and development efforts for production of value added and special steels including auto grade steel, CRGO, CRNO, etc. by 2019-20. "This would make India self-reliant in sectors like automobile and defence for which the country currently has to depend on imports," he added.