Thursday, Apr 25, 2024 | Last Update : 02:45 AM IST
India eyes No. 2 spot in steel buseness
The minister pointed that India became second largest stainless steel producer in the world in 2016 leaving Japan behind.
New Delhi: Steel minister Chaudhary Birender Singh on Tuesday expressed confidence that India would soon become the second largest steel producer in the world.
The minister pointed that India became second largest stainless steel producer in the world in 2016 leaving Japan behind.
“In 2015, India became the third largest producer of crude steel in the world as against its 4th position in 2014. India left behind the US to attain this position. If you see what India produced last was 100 MT and Japan 104 MT. Soon we will be second largest steel producer in the world, said the minister during a press conference called on eve of Modi government completing three years in power.
The minister said that in the last three years, there has been capacity addition at a steady CAGR of about 7 per cent.
He said that after many years India became a net exporter of steel in 2016-17, with 97 per cent increase in overall exports and a 37 per cent decline in imports of steel products.
Mr Singh said Indian government protected the interests of domestic producers by notifying trade remedial measures like minimum import price, anti-dumping duty and safeguard duty.
