India in talks with US on steel tariff exemption

31-Dec-2018

India is holding discussions with the US with regard to tariff exemption on steel products from the country, a senior official in the Steel Ministry said.

“We are in dialogue and have made our stand very clear that ours is a niche industry which exports to the US and there’s a need to look after its interest so that it doesn’t get affected. The matter is still under discussion,” said Binoy Kumar, Secretary, Ministry of Steel, on the sidelines of an event.

India has also set the target of producing 300 million tonnes of steel by 2030-31.

Kumar said, “We have arrived at this target scientifically and is based on our increase in the per capita consumption of steel. Currently, the per capita consumption of steel is 69 kg and we want to move to at least 167 kg by 2030 because we are extrapolating the rate of increase in the last five years”.

He said the target will mostly be met through capacity enhancement, increasing efficiency and productivity. In the past few months every steel company is enhancing its capacity because of the growing demand.

Meanwhile, speaking at the diamond jubilee celebrations of the Steel Authority of India Ltd (SAIL), Steel Minister Birender Singh said in the past four years, the company has provided steel for the projects of national importance. However, the state-owned company should also focus on research and innovation to keep pace with changing times.

“From construction of the Statue of Unity to sea link in Mumbai, SAIL has played a major role. But the company should also pay attention to four factors which include speed, aggression, innovation, loyalty,” said Singh.

Source: THE HINDU BUSINESSLINE