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Indian steel sector has entered a new phase of development; demand for steel will continue to grow: MoS, Steel

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The of State for and Mines, Shri Vishnudeo Sai has said that Conference and Exhibition has been making new strides in contributing to the growth of the sector. He recalled that while a round-table meeting of steel CEOs was held in 2017, Steel 2019 comprises not only reverse-buyer-seller meetings, but also deliberations on use of steel in manufacturing, defence and other sectors, aimed at improving in the country. He said that summits such as Steel have contributed to the global recognition of the sector.

He said that steel is the foundation of the industrial economy. He said that the is vital to India's growth, given that India is the fastest growing large economy and given the contribution of steel to manufacturing, infrastructure, power, and He said that sector has entered a new phase of development; he added that the demand for steel will continue to grow.

The said that India is well-poised to become the second largest of in the world.

He stated that India is the only country in the world which has been registering a positive growth in both production and demand for steel. He added that various factors such as stress on Make in India, urbanization, growth of sector, GDP growth and infrastructure spending create a favourable environment for the The from infrastructure sector is expected to rise from 50 MT in 2015-'16 to 138 MT in 2030, while from automotive, engineering and is expected to triple by this time period.

He said that as per Policy targets an increase in to 300 million tons by the year 2030-2031, and an increase in per in the country from 69 kg per person to 160 kg per person.

Speaking about the potential of Indian steel sector, the said that India needs to give adequate focus on raw material availability, competitive costs, skilled manpower and the strengths of the domestic market. He said that this will enable Indian to rise to a higher position on the global stage. The Minister assured all present that the Government is committed to work together with industry and other stakeholders for the betterment of the Indian

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 24 2019. 09:53 IST
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