NEW DELHI (Commodity Online): India is also set to become the world's second largest producer of steel by 2013 when annual production capacity will rise to 120 mn tonnes from the present 80 mn tonnes, according to Beni Prasad Varma, India Minister for Steel.
Addressing the 5th India steel Summit here on Tuesday he said that currently, India has the fourth largest steel sector in the world, both in terms of capacity and production. He said, further the capacity is expected to be over 150 million tonnes by 2020.
P K Mishra, Steel Secretary said that by the end of the current financial year, the steel manufacturing capacity of the country might reach around 90 MT. He said, this is likely to cross 110 MT by next financial year when the brownfield capacity addition projects of SAIL and other private sector projects get commissioned.
The steel industry should come forward for expansion in Research & Development and infrastructure development specially of port and railways, Misrha said. He said that the industry and the technologists to seriously consider and prioritize innovation, research design and manufacturing activities in the steel technology area.
India may soon formulate a New National Policy andVision document on Steel Sector which will project a medium term horizon of 10 years and also a long term vision of 25 years. Four eminent personalities in the related fields have offered their services to head the Task Force committees. The various Committees have already started functioning with wide interactions and consultations with the stakeholders and the industry. The report is expected to be ready by December this year, said the Secretary.
