power-sector-news
Review of Ministry of Steel
New delhi . Steel is a strategic sector for any major developing and developed economy. India is the 3rd largest Steel producer globally and is likely to be the 2nd largest Steel producer in a few years. The sector contributes about 2% to the country’s GDP.
Over the last few years, the Steel sector has been adversely impacted by the global steel glut which resulted in predatory pricing and a surge in steel imports into the country. However, on account of timely intervention by the Government and industry through various trade related measures like anti- dumping and safeguards as well as other policy initiatives, the impact of the global glut were significantly mitigated.
The Government has been proactive in ensuring adequate raw material availability at reasonable prices and explored ways of reducing input, logistic and infrastructure cost of Steel production.
The Government is also working on ways to reduce the financial stress in the Steel sector by reducing imports, increasing exports as well as examining strategies of increasing steel demand. As a result of various steps taken, Steel imports have declined by 38.28% between April-November, 2016 while exports have increased by 59.96% during the same period. Overall Steel production also grew by 8.8% between April-November, 2016 compared to the same period last year. Business-standard
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