Mumbai: In a major achievement, India has overtaken Japan to become the world’s second largest producer of crude steel in February, according to the Steel Users Federation of India (SUFI).At present, China is the largest producer of crude steel in the world, accou-nting for more than 50 per cent of the production.
India’s crude steel production was up 4.4 per cent and stood at 93.11 million tonnes for the period April 2017 to February 2018, compared with April 2016 to February 2017, which has helped India to overtake Japan and beco-mes the second largest producer of crude steel in the world, the federation said in a statement. India overtook the US in 2015 to become the third largest producer of crude steel.
Attributed the growth in steel production to the right policies undertaken by the Modi government, SUFI president Nikunj Turakhia said, “The government has taken host of steps to curb imports, push local demand with initiatives like ‘Make in India’, implementation of the GST and infrastructure projects, to encourage the domestic market.”
According to the World Steel Association, India produced 8.4 million tonnes of crude steel in February 2018, up 3.4 per cent over February 2017.
He said the steel ministry is working proactively to lay down the road map to achieve 300 million tonnes by 2030.
“In addition, quick resolution of big steel mills under insolvency is expec-ted to further hasten the process,” he added.