India should increase steel exports to 6-7%: Steel Minister

15 January 2018

India should export 6-7% of its total steel production from the existing 1.5%, Union Steel Minister Chaudhary Birender Singh stated recently.

“There is no reason to be happy with 1.5%of export. In the next few years, Indian steel exports should increase to 6-7% of total production,” Singh said at an interactive session with members of Bharat Chamber of Commerce.

The minister was speaking on the improving fortunes of steel makers, following protective measures by the government like the minimum import price and anti-dumping duty.

Mr. Singh said with these steps, India has become a net exporter of steel, and imports had come down by 40-45%.

India was lagging behind in research and innovation technology with regard to steel production, he said, adding, a Cabinet note will be moved next week for the proposed Steel Research and Technology Mission of India (SRTMI).

The steel ministry is planning to merge all its research bodies under the SRTMI. The government has said the initial corpus for setting up of this umbrella institute is Rs 200 crore.

Source: PTI