In a main achievement, India has left Japan behind to become the second largest producer of crude steel globally in February 2018. According to the Steel Users Federation of India (SUFI), presently, China is the world’s largest producer of crude steel, accounting for more than 50 percent of the production. It highlighted that India’s crude steel production has grown by 4.4 percent to 93.11 million tonnes (MT) in the period April 2017 to February 2018 as compared with April 2016 to February 2017.
The federation has noted that in 2015, India overtook the United States (US) to become the world’s third largest steel producer. SUFI president Nikunj Turakhia has said that growth in steel production is due to the right policies undertaken by the Modi government. He also pointed out that the government has taken a series of steps to curb imports, push local demand with initiatives like ‘Make in India’, implementation of the GST and infrastructure projects, to encourage the domestic market.
Turakhia further stated that the steel ministry is working proactively to lay down the road map to achieve 300 million tons by the year 2030. He also noted that quick resolution of various big-ticket steel mills under the Insolvency and Bankruptcy Code and the National Company Law Tribunal is expected to further hasten the process of achieving higher capacity utilization. According to the World Steel Association, India produced 8.4 MT of crude steel in February 2018, up 3.4 percent over February 2017.
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