Indian Steel industry is expected to reach a production
level of 113 million tons by the end of the 12th Five-Year Plan, but it needs
some policy corrections to ramp it up further, said P K Mishra, Secretary,
Ministry of Steel, today.
These expectations were based on the likely annual growth of
9 per cent in GDP, he said.
“The working group on Steel Industry for the 12th Five
year plan has estimated that India's steel demand is likely to grow 10.3 per
cent per annum, and will reach a level of 113 million tons by the terminal year
(2016-17) of the 12th plan,” Mishra said during an event to mark National
Metallurgists' Day.
The Steel Ministry is of the view that steel
companies must take up R&D as an important agenda, and for this, Ministry
had brought out a roadmap on R&D and Technology, he said.
“The Indian steel industry is facing challenging times….we are firm that
India has a future in steel and has miles to go before it can match the
infrastructure, life-styles and per capita consumption of steel in the
developed world and the newly industrialized economies of Asia,” Mishra
said.
He said it was a matter of satisfaction that a large number of investors, both
domestic and foreign, were keen to invest in the Indian steel sector, but a
pro-active role of government too will be required.
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