Economy

‘Secondary steel sector will help in reaching NSP 2017 target’

Our Bureau New Delhi | Updated on November 26, 2020 Published on November 26, 2020

Faggan Singh Kulaste, Minister of State for Steel

The secondary steel sector will play an important role in achieving the 300-million-tonne target of steel capacity by 2030-31, according to Faggan Singh Kulaste, Minister of State for Steel. This has been laid out in the National Steel Policy-2017.

“It is important that raw materials like iron ore, etc., should be made available to the industry to meet the target,” Kulaste, said, while addressing the webinar on ‘Secondary Iron & Steel Industry: Ecosystem, Opportunities & Challenges’, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Kulaste said the Steel Ministry has proposed a Draft Framework Policy for the development of steel clusters to meet the steel demand of 255 million tonne per annum by 2030 with per capita consumption of 160 kg. “The policy will focus on creating an ecosystem for the development of secondary steel and steel ancillary units,” he added.

He also said the cluster will be region-defined with ancillary and secondary steel units around the steel producers to ensure availability of raw materials. “It will help the units improve their cost competitiveness, logistics efficiency, and production quality. This, in turn, will drive self-sufficiency and generate employment opportunities for the locals around the clusters,” he said.

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Published on November 26, 2020
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