Andhra Pradesh

National Steel Policy will steer the industry to achieve its full potential, says expert

India is the world’s second-largest producer of steel with 140 million tonnes of capacity. The National Steel Policy is a road map to steer the industry to achieve its full potential to enhance steel production with focus on high-end and value-added steel while being globally competitive, said P. Madhusudhan, Advisor, YSR Steel Corporation.

He was delivering the inaugural address at the second edition of Conference on Sustainability in Steel Sector 2021, organised by the Confederation of Indian Industry (CII), here on Wednesday.

The theme of the conference was ‘Sustainable Business Strategies-Impact of Raw Materials and Logistics through Hybrid mode.’

He said that India has got the potential to increase the capacity of steel by the next 10 years and become globally competitive with the advantage of the presence of large number of MSMEs, young workforce, and less labour cost. Government initiatives like Atamanirbhar Bharat, Sagar Mala Project and the National Steel Policy would create demand for steel industry, he pointed out.

Referring to investment opportunities in Andhra Pradesh, he said that there are huge investment opportunities in steel sector as the government is adding renewable energy capacities and developing road network.

Atul Bhatt, CMD of Rashtriya Ispat Nigam Ltd, said that global steel demand is increasing rapidly and India has the capacity to fulfil the global as well as domestic steel demand. Indian steel sector is having huge opportunities to grow with the growth of infrastructure and construction sectors, he said.

M.V.S. Seshagiri Rao, Chairman, CII National Steel Committee and joint managing director and Group CFO, JSW Steel Ltd, said that steel Industry is continuing to serve as stimulus to the national development.

D.K. Mohanty, chairman, CII Visakhapatnam zone and director (Commercial), Rashtriya Ispat Nigam Ltd, pointed out that steel is inextricably linked with economic growth and prosperity and the industry should decrease the dependency on fossil fuels and focus on green energy and invest in technologies to address the climate change impacts.

D. Tirupathi Raju, chairman, CII Andhra Pradesh and executive chairman, Vijaynagar Biotech Pvt Ltd, and J. Srinivasa Raju, immediate past chairman, spoke.


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Printable version | Jan 24, 2022 11:49:58 AM | https://www.thehindu.com/news/national/andhra-pradesh/national-steel-policy-will-steer-the-industry-to-achieve-its-full-potential-says-expert/article37664864.ece

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