Following the introduction of policies to expand the Indian steel sector, many steps are planned to reach the 300 million tonne target, Steel Minister Choudhary Birender Singh said.
While urging steelmakers to meet the ambitious target, the minister also said he has turned to the Indian coal industry to ensure an adequate supply of fuel.
The Cabinet of Ministers in May approved the 2017 National Steel Policy, which calls for huge investments to secure up to 300 million tonnes of capacity by 2030-31 to kickstart the domestic steel sector.
Currently, the country's steel production is about 100 million tons.
Speaking at the 2017 National Steel Policy Seminar and Policy on Preferring Domestic Steel Products in Public Procurement, he said that “added value, research and development, safety of raw materials are some of the important points of this policy.”
He expressed hope that imports of coking coal will be reduced by 20-25 percent due to these measures. The government's focus is also on reducing dependence on imports of raw materials for steel production and reducing costs.
Coal, a key material used to make steel, has the lowest tax at 5 percent.
To boost steel consumption in the country, the government in May also approved a policy to favor domestic steel products in government procurement.
India aims to achieve 300 million tonnes of steel production
|
Azovpromstal® 3 July 2017 г. 10:43 |
