HomeSteel & CommoditiesScindia extols India’s Steel Industry

Scindia extols India’s Steel Industry

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Urges industry to aspire to become world leaders in Steel

Union Minister of Civil Aviation & Steel, Mr Jyotiraditya M Scindia lauded the Indian steel industry for coming out of the pandemic stronger and more resilient.

Speaking at the 3rd edition of ISA Steel conclave wherein Vizag Industrial Scan was a media partner the Union Minister congratulated the industry on a whole for coming out winning in this difficult and trying period.

‘The Steel industry has come out of the pandemic stronger, more resilient, more global and more focused’ said the Union Steel Minister.

Stating that steel is the foundation of any economic superpower and the core driver of industrialization he highlighted the government of India’s various initiatives to boost the steel sector.

Indian Steel Industry in the last 8 years

  •  From being 4th largest producer to 2nd largest producer & consumer
  •  Production Capacity from 80 MTPA to 121 MTPA
  •  Per capita consumption of steel up from 58kgs/person to 78kgs/person

‘In the last 8 years the Indian steel sector under the leadership of PM Modi has emerged globally from being 4th largest producer of steel to being the 2nd largest producer and consumer of steel today’ said Mr Scindia.

Crediting the reforms in the steel sector to the favourable policies of the Modi government he cited the national steel policy of 2017 and said that focus has been on encouraging domestically made in India steel for procurement in govt tenders which he said gave a huge fillip to integrated steel producers.

‘This policy of preference to domestically manufacture of iron and steel has made us save a whopping Rs 22,400 crs by reducing Imports’ noted Mr Scindia.

He said that in the last 8 years production capacity had risen from 80MTPA to 121MTPA and that per capita consumption of steel went from 58kgs/person to 78kgs/person. Similarly India had gone from being a net importer to net exporter of steel.

The union minister of steel spoke about the 3 Cs i.e. of Commitment, Collaboration & confidence which he said will lead India to the next era of growth into the most powerful economies in the years to come.

PLI Scheme for Steel
Talking on the PLI Scheme for speciality steel he said that the government had received 79 applications from 35 companies worth investments of Rs 4620 crs, an increase in capacity of 26MT and employment generation potential of over 69000 people.

‘This PLI scheme will give a new fillip to value added production and domestic demand’ said the union minister.

Since the Time of Taking Charge
Talking about his time since assuming charge of the steel ministry he said that they have held various consultative meetings with all relevant stakeholders.

‘In the last 4-5 months me and my team have made all efforts to coordinate and collaborate with all our stakeholders and understand what their pain points are.

The role of Government in 2022 can’t just be of a regulator but also of a facilitator and collaborator. We are not sitting at opposite ends of the table. In your success lies the government’s success and the country’s success’ noted Mr Scindia.

Sourcing of Raw Materials
He also spoke on some of the challenges faced by the industry such as sourcing raw materials and said that his ministry is working with the ministry of Coal and Mines and the process is on. India has a huge surplus in Iron ore as it produces 253 million tonnes and consumes 215 million tonnes.

Green Steel
He concluded by saying that this sector also needs to look at the future of the steel industry globally and how it can adapt to the circular economy, green steel etc.

‘We are working on a policy for the circular economy in the days to come. We need to reduce carbon emissions by a minimum of 30-40%’ said the minister.

India today produces 26 million tonnes of scrap and imports about 4 million tonnes.

It was informed that the ministry of steel is working with road transport and highways to make sure there is a process to ensure sourcing.

Scindia moots Made in India Logo for Steel
The minister also passionately spoke about Make in India not only for India but for the world and hence mooted the idea of a Made in India mark for Indian made steel.

‘The government is working on a Made in India brand for steel. So in addition to steel being stamped as SAIL, RINL, JSW etc it will also have a made in India stamp.

We will come up with a logo after PMs approval’ said Mr Scindia

We must come up with an agenda as well for our industry so that over the next 2 decades we firmly establish ourselves as world leaders in steel said the union minister.



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