Government finalising vision document for steel sector

The government is finalising the "National Steel Vision" for the promotion of the steel sector in the country, Steel Minister Beni Prasad Verma has said.

Verma told the Parliamentary Consultative Committee attached to his ministry Thursday that the document would provide the vision and framework for increasing the production and consumption in India, which will soon become the second largest manufacturer of steel in the world.

He said that steel capacity in the country has increased to 90 million tonnes in 2012 from 66 million tonnes in 2009.

The per capita steel consumption has also risen from 38 kg to 59 kg.

The minister spoke on the measures taken to conserve ore resources in the country for long-term use by the domestic steel industry, adding that the export duty on iron ore had been raised to 30 percent to curb shipments.

The minister also told the members that a Steel Innovation Committee has been formed in the ministry for promotion of innovative ideas in the sector.

The steel sector contributes nearly two percent to the country's gross domesic product.