Union Minister for Steel Birender Singh inaugurated India Steel 2019

Union Minister for Steel Chaudhary Birender Singh has exhorted the steel industry to make the year 2019 the “Year of Expansion” – expansion in terms of reaching out to new regions and areas of the country, to new markets and user industries and to other countries for exporting our steel. He has called upon everyone to accelerate the pace of work towards achieving the target of 300 million tonnes by 2030-31, as envisaged by National Steel Policy. He said that this will require new ways of doing things, new thinking, new investments, new ideas and new synergies.

He asked the industry to come up with new technology and innovation for steel, so as to fulfill the aspirations of the government for Make in India. Minister expressed confidence that the steel industry will live up to this challenge. The Minister was addressing the inaugural session of India Steel 2019 Exhibition and Conference, in Mumbai on January 22, 2019.

India Steel 2019

Welcoming the international and domestic delegates to the mega event, the Minister said that the Ministry of Steel has been organizing India Steel Exhibition and Conference with the objective of improving trade, dialogue and international outreach of Indian Steel industry. He said that the Indian steel industry is vibrant and robust today, with 8.4 % growth in steel consumption and 4.5 % growth in steel production in the first nine months of 2018-19. The Minister said that this has been due to a series of initiatives taken by the Government of India, since 2014. He said that the sector, which was down and depressed, has been brought back to a state of normalcy by 2017, and has now become one of the most promising sectors.

The Steel Minister elaborated that the transformation has been made possible by the joint efforts of the Government, steel companies and other stakeholders. He said that the year 2017 was the “Year of Policy Boost” for the steel industry. Two policies were approved by the Cabinet in May 2017 and were rolled out in 2017. The National Steel Policy 2017 envisages a steel production capacity of 300 million tonnes and per capita steel consumption of 160 kg by 2030. Singh said that we are moving steadily in that direction, and are on course to attain these targets. The DMISP Policy for preference to domestically manufactured iron & steel products has already resulted in bringing down foreign exchange outflow to the tune of INR 8,000 crore. Moreover Indian steel companies are getting an opportunity to prove their capability and potential and are becoming more competitive, said the Minister.

The Minister assured the industry that the Government will leave no stone unturned in creating an environment for the Indian steel producers in which they can focus on opportunities and growth, by overcoming the challenges.Interacting with the media, the Minister announced that the new National Steel Safety Board will be constituted shortly.

India Steel 2019

Addressing the gathering, Steel Secretary, Binoy Kumar said that the Government is working on an Action Plan to ensure smooth implementation of the National Steel Policy.  He said that The NSP, along with Policy for Preference to Domestically Manufactured Iron & Steel Products (DMI&SP), is not just aimed at providing a boost to the steel industry in the country but to also act as a facilitator to the ‘Make In India’ initiative of the government. He added that this policy has resulted in savings of more than INR 8,000 crore till date.

The Secretary informed that sixteen more steel products were recently brought under Quality Control Order, which now covers a total of 53 products. The Government endeavours to bring more products under the Quality Control Order in its efforts towards prohibiting production, import and distribution of substandard products, said Steel Secretary. He also said that the Ministry is working with the Ministry of Mines in formulating a new Mineral Policy, which would make investment in Iron ore exploration and mining attractive. This will provide an impetus to iron ore mining in the country, explained Steel Secretary.

Anil Kumar Chaudhary, Chairman, SAIL & Chair, FICCI Steel Committee were present on the occasion, besides international and domestic delegates and buyers attending the event.

About India Steel 2019

India Steel 2019 Exhibition and Conference is being held in Mumbai from 22nd to 24th January, 2019. Over 250 exhibiting companies from 15 countries, over 200 International hosted buyers and large number of delegates are expected to hold business meetings during this event. More than 10,000 business visitors both from India and abroad are expected to visit.