Steel production soars to 144.3 mn tonnes in 2023-24, government boosts investment in steel industry in rural regions
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he Ministry of Steel has reported a significant increase in crude steel production, which reached 144.3 million tonnes (Mt) in the fiscal year 2023-24, compared to 109.14 Mt in 2019-20. This data, sourced from the Joint Plant Committee (JPC), highlights the robust growth in India's steel sector over the past four years.
According to the Ministry of Steel, steel production in India, is largely driven by market dynamics, logistics for raw materials, and other commercial considerations. The government plays a crucial role as a facilitator, creating a conducive policy environment to support the development of the steel industry, especially in rural areas.
To further promote the steel sector, the government has implemented several measures aimed at boosting steel consumption and investment in rural regions.
The government's focus on infrastructure development, particularly through the Gati-Shakti Master Plan, and initiatives such as 'Make in India' for the manufacturing sector, have significantly increased the demand and consumption of steel across the country, including in rural areas.
The Ministry of Steel has initiated a project under the Pradhan Mantri Awas Yojana to develop type designs of Aanganwadis and houses using structural steel. This initiative is expected to enhance the use of steel in rural housing projects, promoting its benefits and increasing demand.
Central Public Sector Enterprises (CPSEs) like Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) have appointed rural dealers and are actively engaged in promotional activities. These efforts are aimed at educating rural communities on the advantages of using steel, thereby expanding its market reach.
Iron ore mining, a critical activity for steel production, is predominantly carried out in rural areas. This sector is a significant source of employment for local communities, contributing to rural economic development.
The Minister of State for Steel and Heavy Industries, Bhupathi Raju Srinivasa Varma, shared this information in a written reply in the Rajya Sabha, Thursday.
The ministry's initiatives are designed to not only increase steel production but also ensure that the benefits of this growth extend to rural populations, thereby contributing to broader national development goals.
✔️ Steel production soars to 144.3 mn tonnes in 2023-24, government boosts investment in steel industry in rural regions
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