India To Become Global Steel Manufacturing Hub By 2031

The Modi government seems determined to boost the country's crude steel production capacity to 300 MT by 2030-31 in a bid to make India a global steel manufacturing hub.

At present, China is the world's largest steel producer with a production capacity of 928.3 MT of crude steel (2018), while India, with 106.5 MT of crude steel production, ranks second on the list. Dedicated participation of all stakeholders is a must to achieve the projected capacity target of 300 MT by 2030-31.

To deliberate on major issues plaguing the sector, the Ministry of Steel is organising in Delhi on Monday a day-long conclave, during which Steel Minister Dharmendra Pradhan will seek suggestions from the stakeholders to address its challenges, identify opportunities and arrive at tangible interventions that can aid the growth of the Indian steel industry.

The National Steel Policy 2017 envisages 'creating a self-sufficient steel industry that is technologically advanced, globally competitive and promotes inclusive growth'.

Being the third largest steel consumer in the world after China and USA, India's per capita steel consumption at 74 kgs is one-third the global average of 225 kgs.

Various countries have focused on rapidly increasing their steel consumption in the high growth phase of their economy. At present, India's majority steel demand comes from construction, infrastructure, automobiles and capital goods, among others.

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Steel intensive construction offers an increased pace of durable and environmentally sustainable construction. Its recyclable nature also contributes to the circular economy.

The government has set a target to make India a $5 trillion economy by 2024-25, therefore promoting domestic steel industry is essential, given its high GDP multiplier and critical role in the construction and infrastructure sectors, said the Ministry. (IANS)