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India to leave behind US in terms of steel consumption this year: Chaudhary Birender Singh

India to leave behind US in terms of steel consumption this year: Chaudhary Birender Singh

India Blooms News Service | @indiablooms | 22 Jan 2019, 06:12 pm

Mumbai, Jan 22 (IBNS): Minister of Steel Chaudhary Birender Singh on Tuesday said that the government is considering an increase in the budgetary allocation for research and development to boost the steel sector and that the country will leave behind US in terms of steel consumption this year. 

Speaking at the 4th edition of India Steel 2019 organized by the Ministry of Steel, Government of India jointly with the Federation of Indian Chambers of Commerce & Industry (FICCI), Singh said, “We are likely to leave behind US in terms of steel consumption this year. Growth trend in steel consumption in India will continue, due to strong manufacturing sector, diversified demand demographics, accelerated expenditure on infrastructure, anticipated increase in GDP and strong focus on ‘Make in India’. A budget of around Rs. 6 lakh crores was allocated for infrastructure development in this financial year. So, based on these enabling factors and with huge potential yet to be tapped, the per capita consumption can easily be increased from the current levels.”

Binoy Kumar, Secretary, Ministry of Steel emphasized, “The National Steel Policy 2017 along with the Policy for Preference to Domestically Manufactured Iron & Steel Products (DMI&SP), is not just aimed at providing a boost to the steel industry in the country but also acts as a facilitator to the ‘Make In India’ initiative of the Government of India. These policies have resulted in savings of more than INR 8000 Cr till date."

He further said that to strengthen the sector, the ministry is working through Steel Research and Technology Mission of India (SRTMI) and exploring technology transfer agreements for production of products like electrical and automotive steel domestically.

“Ministry of Steel is also trying to increase the budgetary allocation for facilitating R&D,” said Kumar

Sandip Somany, President, FICCI stated that: “India is the fastest growing economy in the world and requires continued investments in new infrastructure, new and larger cities, machinery and production to employ new people and drive the economy forward. Steel is one of the most crucial sectors and contributes to our 2% GDP. Also, its integration with user industries makes it a strategic sector for the government as well as the economy.”

The 4th edition of India Steel 2019 is organised on the theme of ‘Balancing Steel Demand & Supply Dynamics: Building a New India’ with a focus on highlighting the current trends, developments, challenges and prospects of the steel industry.

The three- day exhibition has participation of over 250 exhibitors; providing them with an opportunity to showcase their latest technologies in the arena of steelmaking to over 8,000 visitors.

Also, there are 200 prospective international buyers from 67 countries to initiate business dialogue with Indian steel producers.

The event will also witness 7000+ B2B meetings and hosted Reverse Buyer Seller Meet (RBSM) with delegations from CIS, AFRICA, SAARC, and Middle East to develop, and forge collaboration with potential international buyers.