Friday, 11 September 2020

In Addition to Meeting Urban Requirements, Steel Companies Should Focus on Manufacturing Products to Meet Rural Demand: Faggan Singh Kulaste

By 121 News

Chandigarh September 11, 2020:- Faggan Singh Kulaste, Minister of State, Ministry of Steel, Government of India emphasized the need for increasing consumption of ISPAT in India. Faggan Singh Kulaste was speaking at the CII Steel Mart 2020 held today through virtual platform. The Hon'ble Minister specified that one such way for increasing steel consumption is to focus on manufacturing steel products to meet rural demands in addition to the urban requirements. He reiterated Government of India's commitment towards Make in India and Atmanirbhar Bharat vision to accelerate growth of Indian steel industry.

In his address, Nikhil Sawhney, Chairman, CII Northern Region & VC & MD, Triveni Turbines Ltd took the audience through the slump in domestic steel consumption, decrease in investment across sectors and trade wars that have affected the overall growth and profitability of the steel industry. He called for policy measures to restore consumer confidence, credibility of financial sector and adoption of digital disruptions in steel.

Speaking on the occasion, V R Sharma, Chairman, CII Steel Mart 2020 & MD, Jindal Steel & Power Ltd emphasised that the Indian steel industry requires favorable financial institutions & implementation of scrap policies to achieve production of 300mn tonne from current 120mn tonne by 2030. He further called for implementation of one nation, one electricity tariff policy along with nationalisation of inland logistics to boost steel growth. 

In his address, Abhyuday Jindal, MD, Jindal Stainless Steel Ltd highlighted the importance to provide level playing field to promote domestic manufacturers in stainless steel production. He added that Jindal Stainless Steel is consistent to incubating and hand holding MSMEs in the sector. 

Vivek Bhatia, MD & CEO, Thyssenkrupp Industries India remarked that India should accelerate steel consumption & build necessary infra to boost competitiveness of steel industry in India in times when the global average of per capita consumption of steel is over twice that in India.

Dr Bhaskar Chatterjee, Secretary General & Executive Head, Indian Steel Association emphashised the need to remove non-essential duties and taxes across borders, both domestic as well as international to revive steel demand.

A CII-EY Report titled 'Securing a robust and sustainable future for the Indian Steel Industry' was released during the Conference.

The Conference was attended by over 200 participants from Steel industry including the Government and private sector.

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