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In 2020-21, India Exported 10.78 Million Tonnes of Finished Steel

    21 July , 2021         Fdiindia

In 2020-21, India Exported 10.78 Million Tonnes of Finished Steel

In 2020-21, India's completed steel exports grew to 10.78 million tonnes, up from 8.3 million tonnes in 2019-20. India exported 3.5 million tonnes of finished steel and received 1.1 million tonnes between April and June 2021.

In addition, while total output was 96.2 million tonnes in 2020-21, total consumption was 94.89 million tonnes. During the same time, India exported 10.78 million tonnes of finished steel and imported 4.75 million tonnes.

Union Steel Minister Ram Chandra Prasad Singh provided this information in a written response to a question in the Lok Sabha on Monday, July 19.

TOP STEEL PLANT

Because steel is a deregulated industry, steel businesses make commercial decisions such as exports. Vizag Steel Plant in Andhra Pradesh leads the way with 4,302 thousand tonnes of production, followed by Bhilai Steel Plant in Chhattisgarh with 4,244 thousand tonnes.

INDIA'S TOTAL STEEL PRODUCTION

Currently, the country's total steel manufacturing capacity is 143.91 million tonnes. According to the Indian Bureau of Mines' Indian Mineral Yearbook, 2019, there were 254 reporting mines in 2018-19, including 35 mines in the public sector and 219 mines in the private sector.

GOVERNMENT STEPS TO BOOST THE SECTOR

The government has taken many initiatives to improve the steel sector, including introducing the National Steel Policy 2017 and authorizing 100 percent FDI in the steel sector via the automatic method. As a result, according to data supplied by the Department for Promotion of Industry and Internal Trade (DPIIT), Indian Metallurgical Industries attracted FDI of $14.24 billion from April 2000 to September 2020.

JOURNEY AHEAD

To curb imports, the government implemented a Steel Scrap Recycling policy in 2019. The industry is also benefiting from the changes that are occurring in other sectors. For example, the new car scrappage policy, which allows recycling elements used in outdated vehicles, will help lower steel prices. In addition, major steel companies are currently surpassing their production capacity in the healthcare sector for producing oxygen cylinders for COVID patients.

The Indian Railways intends to buy around 11 lakh tonnes of steel from the Steel Authority of India Limited (SAIL) in 2021 for track renovation and new line construction across the country. In addition, the Ministry of Steel of the Government of India signed a Memorandum of Cooperation (MoC) with the Ministry of Economy, Trade, and Industry of the Government of Japan in January 2021 to promote the steel sector through research and development.