Prime Minister Narendra Modi has said India had set a target to double the crude steel production capacity from 154 million tonnes per annum (mtpa) now to 300 mtpa in the next 9 to 10 years in order to boost indigenous capabilities. Modi said due to everyone's efforts in the last eight years, the Indian steel industry had become the second largest in the world and there was still immense potential for expansion of the key sector.
He said India is rapidly moving towards becoming the world's largest steel manufacturer and the government is actively engaged in framing necessary policies and creating a conducive environment for further development of the sector.
He said in the past, India had to import high grade steel for the defence sector, but scenario has changed now. However, now steel used in making 'INS Vikrant' (first indigenous aircraft carrier) was made in India. The PM said the PLI (production-linked incentive) scheme had helped pave the way for expansion of the industry and given strength to the Centre’s 'Atmanirbhar Bharat' (self-reliant India) initiative.
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