India has said that it does not provide any financial support for setting up new steel capacities and is committed to fair global trade in steel sector. Speaking at the ‘Global Forum on Steel Excess Capacity’, in Berlin, Steel Minister Birender Singh has emphasised the need to address the challenges of market distorting global excess capacity. He said the members of the forum have put in significant efforts to come out with present draft progress report as intended by the Hangzhou and Hamburg mandates.
An official statement quoting the minister issued in New Delhi said the central concern expressed by the leaders was to tackle global problem of excess steel capacity and therefore, to remove all market-distorting subsidies and other types of support which lead to excess capacity. He said as WTO members “we all” are committed to fair international trade.
Referring to the policies of Indian government, the minister said that ‘Make in India’ initiative are expected to facilitate significant domestic investment in segments like construction, infrastructure including roads, highways and railways, automobile, which will stimulate steel demand in the country.
In view of the optimistic possibilities of future steel sector, India is going to be a major destination for steel investors, he said, adding Government policies do not provide any financial support for setting up of new steel capacities.