Union Minister of Steel and Civil Aviation, Jyotiraditya M. Scindia, addressed a news conference at Rajiv Gandhi Bhawan, New Delhi, on the theme “9-years of Government’s “Seva, Sushasan and Gareeb Kalyan” focused on the Steel sector.
The Minister began his speech by emphasising the importance of the steel industry in maintaining the country’s Pragati (growth) and Vikas (progress).
“India currently ranks as the World’s 2nd largest Producer of Crude Steel, surpassing Japan in 2018,” the minister stated, noting India’s steel industry’s extraordinary progress.
By decreasing imports and adding approximately 60 million tonnes (MT) of crude steel capacity, the government policies for the steel sector helped the country save US$ 4.21 billion (Rs. 34,800 crore) in foreign exchange.
From 109.85 MT in 2014-15 to 160.30 MT in 2022-23, India’s steel capacity climbed 46% to 160.30 MT, he said, adding that total production increased 42% from 88.98 MT to 126.26 MT. During the same period, per capita steel consumption increased by 43%, rising from 60.8 kg to 86.7 kg.
Steel Central Public Sector Enterprises (CPSEs), Steel Authority of India Limited (SAIL), National Mineral Development Corporation (NMDC), Manganese Ore (India) Limited (MOIL), Kudremukh Iron Ore Company Limited (KIOCL), Metal Scrap Trade Corporation Limited (MSTC), and Metallurgical & Engineering Consultants (India) Limited (MECON) utilised US$ 10.92 billion (Rs. 90,273.88 crore) of their own resources for CAPEX over the last nine years (2014-15 to 2022-23) and paid a dividend to the Government of India of US$ 2.56 billion (Rs. 21,204.18 crore).
