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India exports 13.5 MT of finished steel in FY22: Steel Minister

27 Apr 2022 Evaluate

Minister of Steel Faggan Singh Kulaste has said India exported 13.5 million tonne (MT) of finished steel valuing Rs 1 lakh crore in the last financial year (FY22). Earlier, India's finished steel exports were at 10.78 million tonne in 2020-21. Besides, the country imported steel of around Rs 46,000 crore during FY22.

He further said the value of merchandise exports from India was at $420 billion. In FY22, India's steel consumption was at an all-time high of around 106 MT, while the country produced a record 120 MT crude steel. Besides, the sector is growing at a compound annual growth rate (CAGR) of around 5 to 6 per cent on a year-on-year basis.

He said ‘notwithstanding the challenges arising out of COVID-19, the steel sector in terms of external trade, production and consumption registered a record performance. We have the potential to do better in the steel sector across all areas. The engineering sector -- is closely linked to the manufacturing and infrastructure sectors -- is of strategic importance to India's economy, and the steel sector is closely linked to this sector’.

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