India Aims to Emerge as the Global Hub of Steel Manufacturing

SEATTLE (Scrap Monster): The Indian government is organizing a one-day steel conclave to discuss major issued acing the domestic steel sector in the country. The conclave named ‘Chintan Shivir’ boasts the theme “make the sector vibrant, efficient and globally competitive". 

The meeting, which will be attended by Steel Minister Dharmendra Pradhan, seeks to invite suggestions from various stakeholders to address the challenges facing the industry and identify opportunities of growth so as to transform the country into a global steel manufacturing hub. The government intends to raise the country’s crude steel production capacity to 300 million tonnes per annum by 2030.

Currently, the country is the world’s second largest steel producer, next only to China. The country’s steel capacity has grown tremendously from around 22 million tonnes in FY 1991-’92 to over 106 million tonnes during the previous year. The increased demand from various sectors including construction, automobiles, infrastructure and capital goods are likely to further boost the steel consumption rate in the country. Presently, India is the third largest steel consumer in the world, after China and the U.S.

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The Ministry of Steel noted that the steel industry in the country faces short-term challenges in the midst of overall global economic slowdown. However, the long-term growth story remains intact, the Ministry noted. The government’s ambitious goal to make the country a $5 trillion economy by 2025 would require bigger contributions from steel sector, it added.