Union Petroleum and Steel Minister Dharmendra Pradhan said that India would become a net exporter of steel in the next three years. Currently, India is importing around 2-3 million tonne (MT) of steel from the overseas market. India has a production capacity of about 140 MT capacity and produces over 100 MT of steel annually.
In order to increase exports, he said India has started talking to countries from which it buys petroleum. India is targeting an increase in its capacity to around 300 MT by 2030, of which around 250 MT is consumable. During the last financial year (FY19), India’s total steel exports declined by 34% to 6.36 MT compared to 9.62 MT during FY18. On the other hand, finished steel import stood at 7.83 MT, valued at Rs 49,317 crore, up 4.7% compared to FY18.
Besides, the minister also batted for zero export of natural resources from India. He added ‘our raw materials should not go out. There should be zero export of natural resources and our industry should focus on value addition.’ Additionally, the government also launched a new campaign called ‘Ispaati Iraada’ to use more steel products in place of single-use plastics. The steel industry is expected to play an important role in the transition to make India a $5-trillion economy.
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