Experts predict bright future for India
National Steel Policy-2017 envisages capacity addition and enabling the steel manufacturers with global benchmarking. Steel consumption is expected to go up by 17 to 18 per cent during FY22
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Visakhapatnam: With huge prospects to penetrate into the export market following change in strategy by China to raise domestic consumption and spurt in demand within India for steel propelled by push to infrastructure projects and the introduction of productivity linked incentive (PLI), experts feel that the nation will achieve the production figure of 300 million tonne by 2030-31.
The challenges posed by the pandemic and sudden rise in prices of raw materials like iron ore and coal notwithstanding, the Indian steel industry is able to maintain the growth momentum. "We are confident that the per capita consumption which is abysmally low at 74 kg will certainly rise manifold as the world average is 210 to 220 kg," D.K. Mohanty, CII Vizag zone chairman and Director (Projects) of RINL told Bizz Buzz on Wednesday.
Speaking on the sidelines of the second edition of CII Andhra Pradesh conference on sustainability of steel sector-2021, he said at present India is the second largest steel producer. The present production level is in the range of 140 to 145 million tonnes.
National Steel Policy-2017 envisages capacity addition and enabling the steel manufacturers with global benchmarking. Steel consumption is expected to go up by 17 to 18 per cent during FY22.
Mohanty, who was the conference chairman, said China has slashed its presence in the overseas market post-pandemic. He hoped that India would take over the space. He said the industry is hoping for reduction in prices of the raw material, more production of value-added steel and technological upgradation and use of renewable energy and recycling of fuels and gases so as to improve their performance on sustainability. Reducing logistics cost is another area of priority to improve performance.
Several speakers including MVS Seshagiri Rao, chairman of CII national steel committee and Managing Director and Group CFO, JSW Steel Limited, Atul Bhatt, CMD of RINL, P. Madhusudhan, Advisor, YSR Kadapa Steel Plant, CII AP chairman Datla Tirupathi Raju, Ragam Kishore, CEO, Vizag Seaports Private Ltd and J. Srinivasa Raju, Managing Director, Geomarine Dynamics India Pvt. Ltd spoke at the conference with many on virtual mode.
The experts are hopeful of rapid growth in the near future owing to government infrastructure projects like Bharatmala, Sagarmala and Atal Mission for Rejuvenation and Urban Transformation, setting up of National Investment and Manufacturing Zone and smart cities. The conference deliberated on sustainable business strategies like Industry 4.0 and adoption of disruptive technologies and impact of raw materials and logistics.
