JOIN USIndia's steel making capacity is set to increase 12% to touch 150 million tonnes per annum by 2020.
The Indian steel industry has added 6 MTPA in 2017 to 134 MTPA. Plans for further expansion are already on anvil, Minister of Steel Chaudhary Birender Singh said here on Friday.
"The National Steel Policy 2017 envisages to domestically meet the entire demand of high grade automotive steel, electrical steel, special stels and alloys for strategic applications," the minister told reporters after chairing the National Steel Consumers' Council meeting.
He said since the NDA government took charge four years ago, the average per capita steel consumption has seen an increase of 12% in the last four years. The per capital steel consumption is currently pegged at 67 kg per year compared with 58 kg four years ago.
The domestic steel sector has been revived with several initiatives taken by the NDA government, he said. The steel production has gone up from 82 million tonnes per annum in 2013-14 to 102.3 million tonnes per annum in 2017-18, he said. Similarly, steel exports have been surging over the last four years. In 2016-17, India became net exporter of steel, with significant exports of 8.2 million tonnes, registering a growth of 102% over the previous fiscal. In 2017-18, the exports have been 9.6 million tonnes, a growth of 17% over FY17.
At the meeting of recently constituted National Steel Consumers’ Council of Ministry of Steel, which was held in Bengaluru on Friday, the minister released the mobile app of MSTC, a public sector enterprise under the ministry. The app – M3 (MSTC Metal Mandi) will bring the buyer closer to the seller removing the constraints mainly for small buyers. This is in line with the government’s initiatives under Digital India.
Addressing the meeting, Singh said to meet the needs of R&D and innovation, Steel Ministry has created Steel Research and Technology Mission of India.