Steel Industry: Huge potential in steel industry, India will double production in 10 years, read what PM said

Prime Minister Narendra Modi on Friday said that India has become the second-largest steel industry in the world due to the efforts of everyone in the last eight years. Still, it has great potential for expansion. Crude steel production capacity will be doubled to 300 million tonnes per annum in the next 9-10 years to enhance indigenous capabilities. At present, 154 million tonnes of crude steel is produced annually.

Addressing via video conference at the Bhumi Pujan ceremony of the expansion of ArcelorMittal Nippon Steel India's flagship plant in Gujarat, the Prime Minister said that the Production Based Incentive (PLI) scheme has opened the way for the industry to expand. Gave strength to self-reliant India initiative.

Due to this, we have been able to increase the production capacity of high-grade steel and reduce its imports. PM Modi said that India is fast moving towards becoming the world's largest steel producer. The government is working to create the necessary policies and a conducive environment to grow this sector rapidly. The plant is located at Hazira in the Surat district. agency

INS Vikrant An example of domestic industry efficiency

Modi said India had to import high-grade steel for the defense sector. Now the situation has changed. The efficiency of the domestic industry enabled INS Vikrant to be the first indigenous aircraft carrier to be built with indigenous capability and technology.

India's dependence on other countries for the manufacture of aircraft carriers is not correct. DRDO scientists have developed special steel to be used in aircraft carriers.

Investment of more than 60,000 crores, employment will increase

The PM said, there will be an investment of more than 60,000 crores in the expansion of the Hazira plant. This will create employment opportunities for the youth of Gujarat and the country. After this expansion, the crude steel production capacity at the Hazira plant will increase from 9 million tonnes per annum to 15 million tonnes per annum.

Foreign trade will help in making a GDP of $ 30 trillion

Industry Minister Piyush Goyal on Friday said that foreign trade will help India become a $3 trillion economy in the nectar period. We aspire to become at least 10 times what we are today in the next 25 years, he said at the Indian Institute of Foreign Trade. Our target is to become a $30 trillion economy with a per capita GDP of $15,000.

Foreign trade will indeed become a defining feature in the years to come. We will try to move towards a developed India in the next 25 years of Amrit Kaal.

He said, the Amrit Kaal, which will complete 100 years of independence, will decide the future of our children and the generations to come. Students are the main stakeholders in this journey.