Cut import dependence for special grade steel: Industry
   Date :25-Sep-2020
 steel Industry_1 &n
The Government on Thursday stressed the need to cut import dependence for special grade steel, exhorting the domestic players to go for research and development activities and take required measures to make India self-reliant in value-added steel production. Union Minister of State for Steel Faggan Singh Kulaste, while speaking at a Ficcci event, said though the country is the second largest producer of crude steel in the world, it is purely dependent on imports for special grade steel.
Value added steel or special grade steel is used in segments like power, ship, rail, metro, defence, auto etc. Kulaste asked steel makers to identify those grades of steel which are not manufactured in the country and are widely used and develop them in India. He said the industry players can conduct research and development (R&D) activities, go for transfer of technology or form Joint Venture to set up special grade steel plants in the country.
This will help India become 'Aatmanirbhar' in value-added steel and save huge forex outgo besides generating employment opportunities, the minister said at the conference on ‘FICCI-Manufacturing Value Added Steel - Contribution Towards Vocal for Local & Aatmanirbhar Bharat’. “India is the second largest producer of steel in the entire world. But in the year import of 6.778 million tonne took place and India exported 8.356 MT,” he said.