PIB News Update: Union Minister of Steel Shri Dharmendra Pradhan has informed that The quantity of finished steel consumption during last three years and current year (i.e. April, 2019 – January, 2020) (Provisional) alongwith percentage change, indicating a growth in consumption during the said period is as under:-
| Period | Total Finished Steel Consumption
(alloy / stainless + non-alloy) |
|
| Quantity (Million Ton) | % Change | |
| 2016-17 | 84.04 | 3.1 |
| 2017-18 | 90.71 | 7.9 |
| 2018-19 | 98.71 | 8.8 |
| April, 2019-January, 2020* | 83.90 | 3.8 |
| Source: Joint Plant Committee (JPC); *Provisional | ||
It is expected that at the current rate of GDP growth, the steel demand will grow around threefold to reach a demand of 230 Million Ton by 2030-31 as projected in the National Steel Policy 2017. Government has brought Domestically Manufactured Iron & Steel Products Procurement (DMI&SP) Policy, Steel Scrap Policy, Steel Import Monitoring System (SIMS) alongwith Government’s push for better infrastructure such as railways, roads, ‘Housing for All by 2022’, piped water to every household etc. to enhance steel demand. To meet increasing demand, market mechanism will operate in the deregulated steel sector.
Steel industry is a deregulated sector and the role of the Government is that of a facilitator. The decision regarding introduction of world class latest technologies are essentially taken by the respective iron and steel companies based on techno-economic considerations. Ministry of Steel is actively promoting R&D in environment friendly technologies for steel making.