“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
Are there systems in place for meeting the iron ore requirements of the Indian steel industry without any shortfall?
With 28 billion tonne of indigenous iron ore resource which is likely to be augmented many fold through progressive exploration policy rolled out by Government, there is no dearth of iron ore in India. Moreover, to ensure that adequate iron ore is available in India for value addition in downstream industries, Government has enacted MMDR Amendment Act, 2015, notified National Mineral Exploration Policyto facilitate comprehensive exploration, increased emphasis on beneficiation and agglomeration of low grade iron ore and continued theexport duty of 30% on iron ore having more than 58% Fe content in Budget 2017.
What is the long term goal of the National Steel Policy?
In the new environment, the industry has to be steered with appropriate policy support to ensure that production of steel matches the anticipated pace of growth in consumption. Hence, long term goal of the policy is to ensure that the industry follows a sustainable path of development in respect of environmental friendliness, mineral conservation, quality of steel products, use of technology and indigenous R&D efforts in order to ensure that the country can, over time, reach global efficiency benchmarks to become a world leader in steel production technology, as well as in production of high end steel.