India Exported 13.5 million tonnes of Finished Steel amounting to INR one lakh crores during FY 22

The Minister of State for Steel and Rural Development, Shri Faggan Singh Kulaste here today in a conference said that the country exported 13.5 million tonnes of finished steel amounting to INR one lakh crores and imported steel around INR 46000 crores. The impressive performance of the steel sector contributed their mite to the all time record of merchandise exports worth USD $420 billion from India. Despite the obstacles posed by Covid-19, Shri Kulaste noted at a Metalogic, PMS conference on Steel and Engineering Exports that “it is pleasing to see that Steel Sector both in terms of foreign trade as well as domestic steel production and consumption registered a record performance.” The engineering sector, which is intertwined with the manufacturing and infrastructure sectors, is critical to India’s economy, and the steel sector is integral to it.

India’s all-time high steel consumption of roughly 106 million tonnes and production of 120 million tonnes demonstrates not just the sector’s resilience, but also the steel industry’s exemplary grit and resolve, according to the Minister of State.

Further on the steel sector’s performance, the Minister of State stated that we have the opportunity to do better in all sectors of the steel sector. As you are aware, the Indian steel industry is thriving, with annual growth rates of roughly 5% to 6%. The Government of India has introduced the Production Linked Scheme (PLI) to produce specialty steel in India, and we hope that our strong steel sector will be successful in producing the identified products in the coming days to meet domestic demand as well as export to increase their share in the country’s external trade.

Due to increased investment in infrastructure and industrial production, the sector is expected to grow significantly in the coming years as a result of our government’s policy announcements and changes in global supply-demand equations across sectors such as railways, roads, aviation, gas pipelines, and housing.

Steel demand has increased in the country. But, at the same time, steel’s competitiveness with alternative materials has grown. Steel is being replaced by alternative materials such as composite materials in numerous areas such as automobiles, white goods, trains, and space due to the high cost of steel and its heaviness. Composite materials are lighter, stronger, and less expensive than steel. The Minister recommended steel producers to employ cutting-edge technologies to lower the cost of steel production, and added that the industry must be prepared to confront the challenges of steel production from alternative sources.

Steel producers should focus on exporting value-added goods rather than semi-finished steel, according to the Minister of State for Steel, because steel production and export have a direct impact on the country’s economy and employment.

The Minister of State for Steel went on to say that the Ministry of Steel is constantly communicating with stakeholders in the steel sector in order to formulate policy for the sector’s growth. The export of completed steel has increased while imports have declined as a result of policies made by our government from time to time. Due to the execution of the Quality Control Order, the import of substandard steel has been greatly reduced, and the QCO has been implemented on 142 standards to far. He stated that the Ministry of Steel will consider the ideas made during the day-long session.