“Record allocation in infrastructure sector will push up domestic demand”
In an interview with India Empire Magazine, Union Minister of Steel, Shri Chaudhary Birender Singh speaks on the Indian steel industry’s expansion mode, modernization drive, allocation for infrastructure and a range of other issues with Editor Sayantan Chakravarty
India has overtaken USA to become the 3rd largest producer of crude steel in the world. It is also the largest producer of sponge iron. Per capita consumption, however, remains at 60 kg against world average of 217 kg. How are you addressing this issue of lower consumption?
Indian steel industry is in expansion mode. The older steel plants are being modernized and expanded and newer green field plants are also coming with state of the art technologies. India has overtaken the USA to become the world's third largest steel producer in 2015.
With strong economic fundamentals, focus on sectors like infrastructure and construction and the huge population driving the steel consumption, the industry has come out relatively stronger from the turbulent times. In fact, we have created an example for other sectors as to how the recessionary pressures can be overcome.
However, per capita steel consumption is still quite low, i.e. 61 kg, as against the world average of 208 kg which no doubt indicates a huge growth potential for Indian steel industry.