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Steel output to touch 300 mn tons by 2030

Story: the goan I network | 11th April 2017, 04:27 Hrs

The leaders of Indian steel industry have said that they will be able to nearly touch the target of 300 million tons of production by 2030 as envisaged by Prime Minister Narendra Modi’s government.


This key announcement was made at the fifth galvanizing, coating, profiling summit, which recently took place in Goa.   
Jubin Thakkar (M.D. – Colour Roof India), Nikunj Turakhia (President, Steel Users Federation of India), R.V. Sridhar (CEO – Essar Steel) and Rajesh Mehrotra (M.D. - Berger Becker Coatings) addressed media-persons at the summit.   
“The steel user industry has been lately grappling with multiple challenges like stagnant demand, fund crisis, policy bottlenecks, debtor’s defaults, sudden and multiple impositions of tariff and non-tariff barriers on imports, currency fluctuation and so on”, said Turakhia, president of SUFI.  
He further said that the union government has set an ambitious target of 300 million tons steel production which can be nearly achieved. Turakhia continued, “That is an ambitious target. If you can achieve 20-30 per cent 
lower than the target, 
then also you have achieved something”.  
The steel industry stakeholders during the 
event have listed out various issues that are concerning the trade.   
“Imposition of steel quality control order by Bureau of Indian Standards (BIS), 
imposition of safeguard duty and minimum import price (MIP) on several steel products were unprecedented moves and needed a comprehensive, united and forceful representation from the various segments of steel user industry across the 
nation,” stated statement issued by SUFI on the sidelines of the event.  
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