Online Tests 2017

Steel Minister Chaudhary Birender Singh inaugurates India Steel 2017 in Mumbai

“India Steel 2017”, the 3rd edition of International Conference and Exhibition on Steel Industry was held at Mumbai Exhibition Center in Mumbai from 19th-21st April, 2017. It was inaugurated by Union Steel Minister Chaudhary Birender Singh.

Other dignitaries present at the inauguration: Dr. Aruna Sharma – Secretary, Steel, Mr. P.K. Singh – Chairman of SAIL, Dr. Edwin Basson – Director General of World Steel Association and Dr. A Didar Singh – Secretary General of FICCI.

More Details About ‘India Steel 2017’:

  • This exhibition-cum-conference has been organised by Federation of Indian Chambers of Commerce & Industry (FICCI) along with Union Ministry of Steel.
  • The objective was to provide a platform for stakeholders in Steel Industry to interact with each other and explore mutually beneficial business opportunities.
  • More than 200 exhibitors from the steel sector participated in this event.
  • A Reverse Buyer-Seller Meet, which is first-of-its-kind in steel sector was also organised, wherein International buyers from Middle East, South East Asia, Africa, Australia and SAARC countries were invited.

PRIDE – Thrust areas of Union Ministry of Steel:

During the inaugural address, Mr. Singh mentioned about five thrust areas which Union Steel Ministry has been focusing since July 2016. These thrust areas have been summed up as

PRIDE:Steel Minister Chaudhary Birender Singh inaugurates India Steel 2017 in Mumbai

P – Production and Productivity Increase
R – Research and Development
I – Indian-Made steel concept
D – Demand boost for steel
E – Excellence in Quality and Efficiency

Overview of the Indian Steel Sector

  • Steel sector is one of the core industries in India.
  • It contributes 2% to India’s GDP and employs nearly 6 lakh people.
  • Steel production in India was 6 MT in 2016. Currently India is the third largest producer of crude steel in the world and is expected to become second largest producer by year 2020.
  • Indian Govt. has set a national mission of having steel production capacity of 300 MT by 2025-26.

Indian Steel Sector Performance in FY 2016-17:

Parameter Growth Rate
Steel Exports 102%
Steel Production 9%
Steel Consumption 3%

The phenomenal growth in steel exports during 2016-17 was complimented by reduction in steel imports by 36%. As a result, India became net exporter of steel after a gap of three years.