India To Soon Become Second Largest Steel Producer

Posted on 11 October 2018

Source: Capital Market

Union Minister of Steel, Chaudhary Birender Singh, has urged international investors and technology giants to invest in the minerals and metals sector in India. Speaking at the International Conference, on Minerals and Metals – Outlook 2030, being held in New Delhi, he said India’s mining sector offers tremendous potential and presents a vast opportunity for investors to mine unexplored regions. India is well endowed with minerals and produces 95 minerals, including fuel, atomic, metallic & non-metallic and minor minerals.

Secretary, Ministry of Steel, Government of India, Binoy Kumar, who presided over the inaugural function, said that India is the second largest producer of iron ore and National Mineral Development Corporation (NMDC) is the largest iron ore producer in the country. He further said India is the third largest steel producing country and will soon be in the second position. He said the per capita consumption of steel has risen to 69 kgs in the current year but it is still far behind the international consumption standard. Hence the steel industry has huge potential in the future. He said the National Steel Policy 2017 has set a target of producing 300 Million Tonnes of Steel by 2030 therefore the mining sector has to actively take steps to reach its target before 2030.

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