Metal Sector can play Major Role towards Self-Reliant India and US$ 5 Trillion Economy by 2024-25, Says Faggan Singh Kulaste

New Delhi: The Minister of State for Steel and Rural Development Shri Faggan Singh Kulaste has said that Steel is one of the most important products of the modern world and is of strategic importance to any industrialized nation. He was addressing the conference organized on Indian Metal Industry: Current Outlook and Future Trends by ASSOCHAM here today. The Minister added that consumption of steel in India continues to grow due to its multiple benefits in almost all walks of life. Shri Kulaste also informed that in India, consumption of Steel in infrastructure and construction sector accounts for largest share over 65% and the balance is accounted for by the sectors such as engineering, packaging and automotive which are also displaying admirable increase in steel application year after year.

He said due to strong linkages with other sectors like construction, oil & gas, automobile, machinery, the demand for steel is increasing continuously along with the development in these sectors. In his speech, the Minister mentioned about the historical progression of metal industry including contribution of copper, aluminium and zinc besides Iron and Steel over the centuries. Elaborating further about enhanced usage of Steel in India, Shri Kulaste said that the per capita consumption of Steel in India grew by ten percent to 77 kg during financial year 2021-22. India has exported a record 13.5 million tonnes of finished steel in the year 2021-22 with a record production of over 120 million tonnes of crude steel and 113.6 million tonnes of finished steel as per the provisional estimates. The Minister apprised and reassured that Central Government is continuously interacting with various state governments to ease the process of implementation of various projects for the benefit of the country. The focus of our government is to lay major emphasis on development of infrastructure across the country with a self-reliant India, he added.

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