India’s Minister of State for Steel & Rural Development Mr Faggan Singh Kulaste said that the country exported 13.5 million tonnes of finished steel amounting to INR 100,000 crores (USD 13 billion) and imported steel around INR 46,000 crores, contributing to the all-time record of merchandise exports worth USD 420 billion from India. He said “Notwithstanding the challenges arising out of Covid-19, it is heartening to note that Indian steel sector, both in terms of external trade as well as domestic steel production and consumption, registered a record performance. India’s all time steel high consumption at around 106 million tonnes and production at 120 million tonnes shows not only the resilience of the sector but also displays the exemplary grit and determination of steel players in India.”He also said that “We have the potential to do better in steel sector across all areas. As you are aware, the Indian steel sector is vibrant and growing at a CAGR of around 5-6% on a year-on-year basis. Government of India have brought Production Linked Scheme to produce specialty steel in our country and we hope that our strong steel sector in the coming days will be successful in producing the identified products to meet the domestic demand as well as export to enhance their share in the country’s external trade.”He added “With our government's policy announcements and changes in global supply-demand equations across sectors including railways , road, aviation, gas pipelines and housing, the sector is expected to witness significant growth in the coming years due to increase in investment in infrastructure and industrial production.”
India’s Minister of State for Steel & Rural Development Mr Faggan Singh Kulaste said that the country exported 13.5 million tonnes of finished steel amounting to INR 100,000 crores (USD 13 billion) and imported steel around INR 46,000 crores, contributing to the all-time record of merchandise exports worth USD 420 billion from India. He said “Notwithstanding the challenges arising out of Covid-19, it is heartening to note that Indian steel sector, both in terms of external trade as well as domestic steel production and consumption, registered a record performance. India’s all time steel high consumption at around 106 million tonnes and production at 120 million tonnes shows not only the resilience of the sector but also displays the exemplary grit and determination of steel players in India.”He also said that “We have the potential to do better in steel sector across all areas. As you are aware, the Indian steel sector is vibrant and growing at a CAGR of around 5-6% on a year-on-year basis. Government of India have brought Production Linked Scheme to produce specialty steel in our country and we hope that our strong steel sector in the coming days will be successful in producing the identified products to meet the domestic demand as well as export to enhance their share in the country’s external trade.”He added “With our government's policy announcements and changes in global supply-demand equations across sectors including railways , road, aviation, gas pipelines and housing, the sector is expected to witness significant growth in the coming years due to increase in investment in infrastructure and industrial production.”
