Steel sector may get boost from infra growth: Birender Singh

Mumbai: Steel minister Chaudhary Birender Singh today said the steel industry is set to see big growth opportunities as 70 per cent of the country's infrastructure estimated at Rs 6 lakh crore is still to come up.

"I think, 70 per cent of India's infrastructure is still to come up. There is a provision of Rs 6 lakh crore for infrastructure. Even if 10 per cent goes to steel, there is around Rs 60,000 crore for the industry," Singh said at the MSME Steel Conclave 2018 organised by the Steel Re-rollers Association of Maharashtra (SRAM) here.

"Our consumption is about to rise to 180-185 million tonnes by 2020. As the production rises, the infrastructure consumption increases as well, presenting a big opportunity for the sector," he said, adding, "We aim to increase the steel capacity to 300 million tonnes by 2030." 

Singh said the steel industry offers direct employment to five lakh and indirect employment to 25 lakh individuals.

Steel secretary Aruna Sharma said the contribution of micro, small and medium enterprises (MSMEs) is around 57 per cent in the industry.

Sharma also advised the MSME steel sector to take advantage of the skill ability and to explore benefits of varied government schemes and incentives for upliftment of the sector.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.