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Wednesday, November 29, 2023

Bharat’s Steel Sector Soaring High

As reported in Economics Timesthe rollout of new steel policy saved forex of Rs 5,000 crore since last year while around 24 million tonnes of crude steel capacity was added during past four years. Moreover, Bharat has also replaced Japan as the second largest steel producer this year, Steel Secretary Aruna Sharma said.

Following are the major highlights of achievements of the National Steel Policy under Modi Government:

  • Steel production capacity has increased from 110 MT in 2014-15 to 134 MT in 2017-18, while 7 MT was added in 2017 alone.
  • Bharat’s steel sector has been growing at a compounded annual growth rate (CAGR) of about 5 per cent over the past four years on account of improvement in the overall capacity utilisation. At the current pace and outlook of the industry, steel making capacity is expected to reach 150 MT mark by 2020.
  • In FY 2017, Bharat became net exporter of steel with significant export of 8.2 MT registering 102 per cent growth over previous fiscal. The exports from 5.6 MT in FY 2015 rose to 9.6 MT in FY 2018. On the other hand, the imports have declined by 36 per cent from a level of 11.7 MT in FY 2016 to 7.5 MT in FY 2018.
  • A number of PSUs including Steel Authority of India Ltd (SAIL) turned profitable.
  • The government also worked towards increasing the domestic steel consumption. It has been brought from 59 kg in 2014 to 69 kg (provisional figure) on date. Before that it had taken seven years to raise the per capita consumption from 50 kg to 59 kg.

To a question related to supply of raw materials like coking coal, iron ore etc, the secretary said there will not be any scarcity of raw material for the producers.

The new steel policy, she said, envisages to meet the entire demand of high-end grade automotive steel, electrical steel, special steels and alloys for strategic applications and increase domestic availability of washed coking coal so as to reduce import dependence on coking coal from about 85 per cent to 65 per cent.

Thus, Government of Bharat is taking commendable and effective steps to make Bharat completely self reliant country in this sector. It will prove to be beneficial for the Bharat’s overall economy.

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