Minister Kulaste in his address informed that a vibrant domestic steel industry was important for a developing economy like India as it was a critical input across major sectors such as construction, infrastructure, automotive, capital goods, defense, rail etc.
The Indian steel industry has entered into a new development stage, post deregulation, riding high on the resurgent economy and rising demand for steel. With continuous support from the Ministry of Steel, rapid rise in production has resulted in India becoming the 2nd largest producer of crude steel during last three years. India holds a fair advantage in production and conversion costs in steel and alumina. Its strategic location enables export opportunities to develop as well as fast-developing Asian markets.
He enumerated that considering that the steel sector is pivotal for India due to employment generation potential and economic growth, our government is leaving no stone unturned and has brought progressive policies like PLI scheme for Specialty Steel and reforms in Mining sector to further give a boost to the Steel sector. Various schemes being spearheaded by PM Narendra Modi like Gatishakti, Vocal for Local, Made in India, National Infra Pipeline, are going to give further push to the sector. The Ministry of steel is also focusing on digital technology, safety for workers and decarbonization to usher in better productivity and sustainability.
Pradeep Multani, President, PHDCCI, expressed his gratitude to hon’ble Minister for accepting PHDCCI’s invitation and informed that industry wanted Ease of Doing Business, low cost of doing business and level playing field like other major countries to become a world leader in any sector.
The Opening Remarks at the session were given by Rakesh Gupta, Chair, Parliamentary Forum who introduced about the Parliamentary forum and the significance of steel sector for MSMEs. He requested the hon’ble minister that profiteering by steel companies needed to be checked.
Anil Chaudhary, Chairman, Minerals & Metals Committee, gave a brief about the potential of steel sector & goals of National Steel Policy 2017. He appealed the Minister to consider creation of a Regulatory body for Steel sector.
Pradeep Agrawal, Co-Chair, Parliamentary Forum, said though the Steel industry and the rest of the world was grappling with certain challenges, a push from the government and the adoption of emerging technologies would enable India to become a USD 5 trillion economy in the next 5 years.
Saket Dalmia, VP, PHDCCI, delivered the Vote of Thanks. Dr Yogesh Srivastav, Asst Secretary General, PHDCCI, moderated the Session.
