Steel Industry out of stress, exports up by 56 % in last 6 months : Steel Minister

Posted by Daily Shipping Times on 10-04-2017        Tweet

NEW DELHI: India's steel industry has come out of the stress, with the exports going up by 57 per cent and imports declining by 34 per cent in last 6 months, the Steel Minister said in the Rajya Sabha  recently.

Steel Minister Chaudhary Birender Singh said the Country's steel output is at around 120 million tonnes and the Government is aiming to achieve 300 million tonnes by 2030.

"There was recession in global steel sector and it had an impact on India as well. Our steel industry was in stress for more than three years. But the situation has changed in last six months," he said.

In the last six months, steel output has gone up by 15 lakh tonnes and exports have shot up by 57 per cent while imports have down by 34 per cent, he added.

Stressing on improving plant efficiency, the Minister said India lags behind when compared to the global standards. While the global efficiency standard is 3 points, Indian PSUs stand at 1.70 and private steel companies at 2.1.

The Government has allowed import of technology and equipment freely with an aim of promoting transfer and adoption of latest technologies to facilitate production of value-added and high quality steel products at competitive costs, he added.