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Steel sector may get boost from infra growth: Birender Singh

Press Trust of India  |  Mumbai 

minister Chaudhary Birender Singh today said the industry is set to see big growth opportunities as 70 per cent of the country's infrastructure estimated at Rs 6 lakh crore is still to come up.

"I think, 70 per cent of India's infrastructure is still to come up. There is a provision of Rs 6 lakh crore for infrastructure. Even if 10 per cent goes to steel, there is around Rs 60,000 crore for the industry," Singh said at the MSME Conclave 2018 organised by the Steel Re-rollers Association of (SRAM) here.

"Our consumption is about to rise to 180-185 million tonnes by 2020. As the production rises, the infrastructure consumption increases as well, presenting a big opportunity for the sector," he said, adding, "We aim to increase the to 300 million tonnes by 2030."

Singh said the offers direct employment to five lakh and indirect employment to 25 lakh individuals.

said the contribution of micro, small and medium enterprises (MSMEs) is around 57 per cent in the industry.

Sharma also advised the MSME to take advantage of the skill ability and to explore benefits of varied government schemes and incentives for upliftment of the sector.

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

First Published: Fri, May 18 2018. 20:20 IST