The union steel ministry is betting big on an increase investments in domestic consumption of steel led by planned investments of nearly Rs 4 lakh crore in infrastructure sector. While steel consumption increased by nearly 3 per cent, in 2016-17, the Steel Minister, Chaudhary Birender Singh urged the industry to ensure that the rate of growth goes up to 4 per cent in the current year 2017-18.
With Rs 4 lakh crore of investments planned in infrastructure sector, there is a huge opportunity for increasing consumption, said the steel minister. He was speaking at India Steel 2017 International Conference and Exhibition in Mumbai.
World Steel Association has projected Indian steel demand to grow by 5.7 per cent in 2017. While globally steel demand has been projected to grow by 0.5 per cent in 2017. So demand in India will grow at 10 times the world levels in 2017, he added.
The minister said the draft National Steel Policy, which is scheduled to be released soon, will give concrete shape to the vision and plans for the steel industry. For increasing consumption of steel, the ministry has also conceptualized the idea of India-made steel. The Draft Cabinet Note has been finalized. The proposal will make it mandatory to use Indian-made steel in key projects, the minister added.
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