Steel Secretary Sandeep Poundrik has said that India needs to add 100 million tonnes (MT) of steel making capacity by 2030 on priority to avoid becoming dependent on imports. He pointed out that slumped steel demand and over capacities globally have affected domestic industry. Under the National Steel Policy (NSP) 2017, the government has set a target of scaling up India's overall steel manufacturing capacity to 300 MT by 2030.
The secretary said one priority is to create more capacity. India has about 200 MT steel capacity at present. Roughly 20 MT was added this financial year. Another priority, he said, is keeping domestic steel industry competitive because of the stagnating consumption in other major economies including China, USA, even Europe and the overcapacity in the world.
He said ‘if we want to protect our domestic industry, then domestic steel prices will have to be competitive so that there are enough margins in the steel industry so that they can invest in expansion of capacity. If they don't have margins, who will invest.’ He further said that as the world moves to less carbon emission, domestic industry will also have to move to green steel manufacturing process.
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