Source: Business Standard
India is set to become the world’s second largest steel producer by 2018-19, Steel Users Federation of India (SUFI) said.
“India is all set to grab the second position from Japan as the largest steel producer by 2018-19,” the SUFI said in a statement.
As per the projections by the government, the Indian mills marked record level production to meet the increasing demand in infrastructure, new homes and consumer goods.
“It is a matter of pride for every Indian and steel stake holders to see the industry perform at a record growth rate. The rapid progress in infrastructure development and adherence to government’s initiatives such as ‘Make in India’ has given boost to steel producers across nation,” SUFI President Nikunj Turakhia said.
The government has laid emphasis on ‘Be Indian Buy Indian’, thus emphasising to necessarily buy only domestic manufactured steel which will eventually drive the consumption, Turakhia said.
“In the forefront of the Union Budget 2017 is the budget allocation of Rs 3.96 trillion towards the development of infrastructure, including emphasis on areas such as ports, roads, affordable housing and physical infrastructure,” Turakhia added.