New Delhi: The Centre Friday said it will ensure that steel products are not imported in the guise of utensils or finished products.
“We are keeping an eye on that (import of steel in guise of finished products). We will not allow such kind of practice even in trade,” Union Minister of Steel Chaudhary Birender Singh told reporters after addressing a meeting of the National Steel Consumers’ Council here.
Stating that India has been successful in reducing import of steel by 37 per cent during 2016-17, Singh said the reduction of imported steel was mostly from China.
This had happened because of India’s anti-dumping measures and also due to withdrawal of the Minimum Import Price (MIP), he said.
“The government has made a budgetary allocation of Rs 4 lakh crore for infrastructure this year. We have to ensure that the maximum steel produced in the country is used domestically,” said the Minister.
Stating that the steel sector has been growing at a steady Compound Annual Growth Rate (CAGR) of about 7 per cent, he said the country’s steel export registered a 102 per cent growth from 4.08 MT in 2015-16 to 8.20 MT in 2016-17.
However, India’s per capita steel consumption remained at only 64 kg, which needs to be increased to 160 kg as the country is planning to produce 300 million tons of steel by 2013-31, the Union Minister said.
“We are going to increase the country’s steel consumption rate in a big way. As the Centre has earmarked Rs 4 lakh crore for the infrastructure sector, the steel sector should take advantage of it to enhance the consumption rate,” Singh said adding, the Railways alone have plans to spend Rs 1.32 lakh crore in its expansion.
Of the Rs 4 lakh crore earmarked for infrastructure sector, the steel sector can easily get 10 per cent of its share, which is estimated to be Rs 40,000 crore.
The Minister, however, stressed on the production of high-end steel, which he termed as the future of steel industry.
On the raw materials for steel industries, the Minister said “85 per cent of coking coal is now imported, which adds to the price of steel making. Coal India Limited and Bharat Coking Coal Limited have agreed to set up 12 new coking coal washeries by 2019-20. This will fulfil the demand of coking coal,” he said. PTI
