India's steel consumption grew by 11% year-on-year in FY 2023
Recently, a three-day conference and exhibition on the steel industry named 'India Steel 2023' was inaugurated by Union Minister of State for Steel and Rural Development Faggan Singh Kulaste in Mumbai.
Speaking on the occasion, MoS (Steel) Faggan Singh Kulaste said that the demand for steel in India continues to be robust as compared to other countries. India's Steel consumption has grown over 11% to 119 million tonnes in FY 2023 from 105 million tonnes in FY 2022.
"We may expect the growth momentum to continue with the emphasis of developing the infrastructure of the country by Prime Minster, this is reasonable to expect the steel consumption including exports will be around 132 million tonnes to 135 million tonnes in FY 2024", he said.
MoS (Steel) pointed out that achieving the goals of the National Steel Policy 2017 has mandated that steel consumption in rural areas to be enhanced for improving steel intensity of the country.
The MoS further said, in order to promote the circular economy, Central Government has implemented the Steel Scrapping policy and Vehicle Scrappage Policy for enhancing the supply of steel scrap to the industry. The scrappage policy will also accelerate and facilitate the production of green steel, he stated. He listed out three points which are important topics of discussion in the conference, which are: i)Utilization of low-grade iron ore, ii) Reducing the consumption gap between urban and rural areas, and iii) Implementation of technology.
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