According to official data, India produced around 102 million tonnes of steel in the financial year 2020-21, registering a fall of 6.1 percent over FY20.
India's crude steel output is expected to soar about 18 percent to 120 million tonnes by the end of the ongoing financial year, Minister of State (MoS) for Steel Faggan Singh Kulaste said.
The demand is expected to cross 100 million tonnes during the current financial year, he said.
According to official data, the country produced around 102 million tonnes of steel in the financial year 2020-21, registering a fall of 6.1 percent over FY20, due to the COVID-19 pandemic and the lockdown necessitated to contain its spread.
"India's production of crude steel was at 37.527 million tonnes, a growth of 44.6 percent, in April-July 2021. This gives me confidence that we will produce around 115 million tonnes -120 million tonnes in FY 2021-22," Kulaste said sharing his estimates for the current financial year.
Under the National Steel Policy (NSP) 2017, the government has set a production target of 300 million tonnes by 2030-31.
Replying to another question related to steel consumption, the minister said it will be more than 100 million tonnes in the current financial year 2021-22.
In the financial year ended March 2021, steel consumption stood at 93.43 million tonnes, lower by 6.7 percent over the previous year due to the impact of the pandemic.
Kulaste said the government has announced a ?100-crore national infrastructure pipeline (NIP). Under the plan, various projects will be implemented across the country where steel will be used in huge quantities.
Mega infrastructure projects, such as Pradhan Mantri Awas Yojana, Bharatmala, Sagarmala, and Dedicated Freight Corridors, are already underway which will boost the demand for steel in the country.
He further said the government has also taken various measures to promote locally manufactured steel and reduce the country's dependence on imports for sourcing raw materials.
The Domestically Manufactured Iron & Steel Products (DMI&SP) policy, approved earlier, mandates to provide preference to domestically manufactured iron and steel products in government procurement.
The steel scrap recycling policy, which has been notified, aims to secure raw material availability to IF/EAF (induction furnace/electric arc furnace). This will also reduce imports of scrap which is currently seven million tonnes, out of the total demand of 22-25 million tonnes.