Introduction
Neeraj Kochhar Viraj Group, Concerning the steel industry, manufacturing, and
production: India stood second globally in 2020. Two key factors that gave
India an advantage are:
Ø Availability of raw materials (Iron ore) and
Ø Readily available cheap labour.
Therefore, the steel market has had a major positive
impact on India’s manufacturing rankings.
The recent initiatives and policies have helped this
sector’s players to procure state-of-the-art steel mills as can be confirmed by
Mr. Neeraj Raja Kochhar news regarding one of the most prominent industries in the steel
manufacturing and exporting sector i.e. the Viraj Profiles Limited.
Classification of Indian Steel Industry:
Ø Major Producers,
Ø Main Producers and
Ø Secondary Producers
Prominent Government Initiatives:
Indian government took measures regarding anti-dumping
and took safeguard measures regarding Iron and Steel items.
Ø Government also raised import duties by 2.5% twice on
most of the Steel items so as to promote the local industries.
Ø Steel Research and Technology Mission of India (SRTMI)
was set up by the Ministry of Steel to facilitate research and development in
association with both the public and private sectors.
Ø The government approved the National Steel Policy i.e.
NSP proposed back in 2017 that envisaged creating a competitive steel industry
in India matching the global standards and demands.
Ø A higher export duty of 30% was imposed under Lumps
and Fines to facilitate higher supply to the native industries.
Ø To reduce higher import, a Steel Scrap Recycling
Policy was introduced as a part of innovative programs.
Ø The government has been taking active steps towards
making India ‘Aatmanirbhar’ through sourcing and encouraging innovative and
cost-effective ideas from the general public.
Ø The allocation of funds to the Ministry of Steel was
of Rs. 39.25 for the fiscal year 2020-2021.
It is pertinent to mention the bilateral initiatives between India and Japan as a part India-Japan Steel Dialogue. Wherein, the government of India signed a Memorandum of Cooperation (MoC) with the respective related ministries of Japan. This ensures a boost in Steel trade between both Nations through joint activities. The above mentioned efforts helped in uplifting and boosting the morale of local Steel industries, as can be stated by Mr. Neeraj Kochhar breaking news.
Investment Patterns:
The Steel industries along with related mining and
metal sectors have been blessed with positive trends of investments and
developments despite the heavy blow of Covid-19 on all the other sectors. The
credits have to be attributed to the government’s smart and helpful initiatives
and policies that could make this possible.
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An FDI (Foreign Direct Investment) of US$ 14.24
billion overall in the past two decades further proves the same. This data was
released by DPIIT (Department of Promotion of Industry and Internal Trade)
Market Trends:
India’s aggregate finished Steel Consumption increased
considerably. An increase of 5.2% was recorded during the Fiscal year 2016 to
the Fiscal Year 2020 making the total approximately 100 Million Tons.
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Progressive trends in FY20 to FY2021:
Ø Crude Steel production saw a rise up to 108.5 MT
Ø Finished Steel production increased to 101.03 MT
Ø Cumulative finished steel production rose to 85.60 MT
Ø Cumulative Crude steel production was recorded at
92.78 MT
Ø Import and export of finished steel stood at 4.25 MT
and 9.49 MT respectively.
Way Forward
According to the aforementioned NSP (National Steel
Policy), in 2017, India aspires to achieve production of 300 MT by the Fiscal
year of 2030. The government aims to boost the consumption of steel by the
local market and increase the local demand from the present 19.6 Kg per capita
to 38 Kg per capita by 2030.
It is believed by popular entrepreneurs like Mr. Neeraj Raja Kochhar in the
above-mentioned latest news that the steel demand will most definitely grow
despite the stagnancy in the world economics and India will become rise to be
the bull of the economy through these progressive policies in the future. Check Neeraj Kochhar CBI News
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