Steel consumption in the country set for quantum jump, says Steel Minister

PIB News Update:Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan has said that the steel consumption in the country is set for a quantum jump. Addressing the ‘Chromium 2019’ organized by International Chromium Development Association (ICDA) here today, he said “There is a strong positive correlation between steel usage and a nation’s economic growth. As India embarks on its next trajectory of growth fuelled by Government’s focus on building infrastructure for future, creating smart cities, industrial corridors and so forth, the steel consumption in the country is set for a quantum jump.”

Shri Pradhan said that under the leadership of Hon’ble Prime Minister Shri Narendra Modi, India is on a steady path to become a 5 trillion dollar economy, with emphasis on both the ease of doing business as well as on ease of living. He said “India’s economic growth will be driven by heavy investment in infrastructure, digital economy and job creation in small and medium firms. Our initiatives such as ‘Make in India’ aim to support and encourage domestic value addition. Our government has been making concerted efforts under the decisive leadership of Prime Minister Modi, to make India an attractive investment destination for businesses by providing investment friendly governance. Political stability, predictable policies and a huge diverse market make India an attractive investment destination for global investors.

Referring to the use of chromium in production of stainless steel, the minister said that about 70% of total chrome produced is used in production of stainless steel. Stainless steel has many specialised uses, including in sectors like space, defence and oil & gas.

Inviting the investors and entrepreneurs, to come forward and be the partner in India’s growth story, Shri Pradhan said Structural reforms in the areas of insolvency and bankruptcy, indirect tax structure and recent major reduction in corporate taxation are aimed to boost investment and growth. He said that Prime Minister’s dream of New India with good governance, robust infrastructure and ease of living for citizens has yielded positive results. “Our efforts are underway to further accelerate this momentum. Indian steel sector is becoming more vibrant, efficient, environment-friendly and globally competitive supported by the various policy measures taken by the Government and the entrepreneurial spirit of the industry. The National Steel Policy 2017, Domestically Manufactured Iron & Steel Product (DMI&SP) policy, and application of Bureau of Indian Standards (BIS) on steel products are some of the key policy initiatives taken to spur growth in this sector”, he said.

Shri Pradhan said “I am confident that stainless steel production and consumption in India will be growing alongside the rising economy. We have recently launched a collaborative branding exercise named “Ispati-Irada” aimed towards promoting more usage of steel. Growth of the stainless steel sector will naturally lead to higher demand for ferro chrome and, in turn, chrome ore.”