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India exported a record 13.5 million tonnes of finished steel in 2021-22: Shri Faggan Singh Kulaste

New Delhi, 20 May, 2022: “Logistics cost is a big challenge for industries. Our government has taken many important steps to reduce the logistic cost, such as National Infrastructure Pipeline (NIP), Sagarmala Project, Dedicated Freight Corridor, PM Gati Shakti Master Plan, etc. for the development of the mining sector,” said Shri Faggan Kulaste, Union Minister of State for Steel & Rural Development at the ASSOCHAM conference on Indian Metal Industry  at New Delhi.

The completion of these projects will save time in freight transportation, as well as reduce logistics cost,” he added. Giving details on the performance of the Indian metal industries, Shri Kulaste informed, “India has exported a record 13.5 million tonnes of finished steel in the year 2021-22 with a record production of over 120 million tonnes of crude steel and 113.6 million tonnes of finished steel, said Shri Faggan Kulaste, Union Minister of State for Steel & Rural Development.

He added, “The focus of our government under the leadership of Prime Minister Shri Narendra Modi is to lay major emphasis on the development of infrastructure across the country to achieve the vision of Aatmanirbhar Bharat.” 

The strengthening of domestic capability through technology development and innovation will not only enable the Indian metal and metallurgy sector to become a truly global but will also help make India a manufacturing hub for metals and metal products. 

India's metal sector growth is consolidating due to continuous growth in the automotive and infrastructure sectors, resulting in higher demand for power, steel, cement in the country. The vast availability of minerals in the country is providing huge opportunities for development in the mining and metal sector which can play a major role in the country's ambitious plans of a self-reliant India and a US$ 5 trillion economy by 2024-25.

Dr. Vinod Nowal, Chairman, ASSOCHAM National Council on Iron and Steel and  Deputy MD, JSW Steel Ltd outlined that continous focus is on roads, infrastructure, railways  for current steel stake and investment opportunities. He said, 200 mn trillion tonnes of steel produced and the demand of speed to grow in 2022. The market intuition is volatile for the impact of metal price and top companies are cautious of raw material prices and costs of chemicals which is high in India. With poor conditions of roads, infrastructure there is a rise in logistics cost which needs to be taken care of to find solutions for the supply chain paradigm.  

India will be the 3rd largest GDP by 2030. India has entered the cycle of growth. The govt's policies like National Steel Policy, PLI & others contribute to boosting the Indian steel & mining industry: Mr. Ranjan Dhar, Co-chairman, ASSOCHAM National Council on Iron and Steel & Chief Marketing Officer, Arcelor Mittal Nippon Steel Ltd.

We need to contain carbon emissions while thriving to grow. Since resources are getting scarce we have to be mindful while using them. Digitisation is playing an eminent role in the growth of the mining industry from production to supply chain, Mr. Ranjan Dhar added.

Eminent Panelists along with Mr. Gopalakrishnan Ganesan, Deputy Secretary , Ministry of Steel said PLI Scheme plays a major part in motivating the industry to produce more value-added products. The Ministry of Steel has brought several amendments to make the policies more industry friendly.

The Ministry of Steel with the PLI Scheme for Steel aims to provide a level playing field to the industry, ensure Aatmarnirbharta in all grades & help in reducing carbon emissions wherever possible.

Mr. Himanshu Singh, Director Strategy (Aluminium), Vedanta Ltd. said Notwithstanding the challenges arising out of COVID-19, the steel sector in terms of external trade, production and consumption registered a record performance and to sustain this momentum there is a need for increasing public investments for expansion. Meeting quality standards for the domestic demand is the utmost priority in the market, he added. 

Mr. Deepak Sood, SG, ASSOCHAM welcomed the audience with opening remarks and addressed by saying that steel industry is the answer for the economic growth and nobody can stop this country to rise. With the right schemes like PLI and Atmanirbhar Bharat there will be a value increase in global supply chain.   

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