Economy

Sourcing steel locally has ensured ₹8,000-crore savings: Minister

Our Bureau Mumbai | Updated on January 22, 2019 Published on January 22, 2019

 

India has managed to save about ₹8,000 crore by giving preference to domestically made steel in government projects and the country is expected to pip the US in steel consumption.

Chaudhary Birender Singh, Minister of Steel, said the National Steel Policy 2017 and the policy preference to domestically manufactured iron and steel products is not only to boost the steel industry but also act as a facilitator to the ‘Make in India’ initiative of the Government.

These policies have resulted in savings of over ₹8,000 crore till date, he said while inaugurating the fourth edition of India Steel 2019, organised by the Ministry of Steel and the Federation of Indian Chambers of Commerce & Industry.

India is likely to leave behind the US in terms of steel consumption this year. A budget of about ₹6 lakh crore has been allocated for infrastructure development in this financial year, he said. “Based on these enabling factors and with huge potential yet to be tapped, the per capita consumption can easily be increased from the current levels,” he said.

Published on January 22, 2019
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