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PrintStrategies aimed at increasing per capita steel consumption will enable India to meet the challenges of the global economic crisis.
This was stated by the Steel Secretary, Mr P.K. Rastogi, at an interactive session on ‘Steel making through induction furnace technology, research and development’ organised by the All India Induction Furnaces Association (AIIFA) here on Saturday.
“Finding ways and means to increase per capita steel consumption is the best solution for the country to meet the global economic challenges,” he said.
Stockpile increasing
He also pointed out that due to the recession in global and domestic markets and reduction in steel consumption, the stockpile of steel is increasing in the various manufacturing units in the country.
“This could lead to reduction in production and huge unemployment. The problem is worsened by the declining steel prices in the world market,” he said.
Commenting on the Steel Ministry’s recommendation to the Finance Ministry for imposition of 10 per cent import duty on steel products, Mr Rastogi said, “the imposition of higher levy on imports is one way to tackle the grim situation but it has to be considered carefully due to its impact on producers, auto and building companies and consumers.”
The AIIFA President, Mr Gopal Gupta, in his address, urged the Government to cut excise duty on steel from the existing 14 per cent to eight per cent in order to make steel more affordable to the rural and urban customers.
He also urged the Government to address to the specific needs of the induction furnace sector while drafting its policies to support the industry. –Business Line
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