Notwithstanding the huge imports from China into the country, India plans to become the second largest steel producer in the world by 2020, according to Union steel and mines minister Narendra Singh Tomar.
“Today India is the third largest producer of steel in the world. By 2020, we are targetting to be the second largest steel producer in the world and we expect co-operation and help from the steel companies in this regard,” Tomar said while addressing INDIA STEEL 2015 organised by FICCI. I am confident that with the work that the steel companies are doing currently, this target will certainly be achieved by India, Tomar added.
The minister said that the government is looking to triple the steel production in the country by 2025.
“Our target is to achieve production of 300 million tonnes by 2025. The steel ministry is taking steps in this regard and private companies are going to contribute in a big way to achieving this target as well,” Tomar said.
Government has started the process to set up special purpose vehicles (SPVs) in Jharkhand, Odisha, Karnataka, Chhattisgarh and within a few days the memorandum of understanding (MoU) will be signed and the process will aid steel production, Tomar added.
The current steel production in India is around 100 million tonnes and an addition of 200 million tonnes will entail an investment of around Rs 12 lakh crore, according to industry experts.
The government is taking all possible steps to protect the domestic steel industry which is under pressure due to Chinese imports according to Rakesh Singh, secretary, ministry of steel. “We are evaluating a proposal to increase import duty on steel. A decision is likely soon in this regard,” Singh said.
Source: Deccan Herald
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