National steel consumption is expected to reach 160 million tonnes (MT) by fiscal year 2024-25, Union Steel Minister Ram Chandra Prasad Singh said on Monday. He said this while chairing a meeting of the Steel Ministry’s Advisory Committee of Deputies, which was held in the Narmada district of Gujarat, the ministry said in a statement.

In fiscal year 2020-21, the total consumption of finished steel in the country was 96.2 MT and is expected to reach around 160 MT by 2024-25 and around 250 MT by 2030-31, a declared the minister.

“The government is constantly striving to improve steel production capacity and increase its demand for and use of steel.

“The recently announced Gati Shakti master plan by the government will complement the Rs 100 lakh crore investment plan for infrastructure development over the next five years. It will further boost the use of steel in the country, ”Singh said.

He added that steel has played an important role in the industrial development of the country, as it is the key input for critical sectors such as infrastructure, construction, engineering and packaging, automotive and defense.

Parliamentarians Janardan Singh Sigriwal, Bidyut Baran Mahato, Satish Chandra Dubey, Akhilesh Prasad Singh and Chandra Prakash Choudhary, as well as other senior ministry officials attended the meeting, according to the ministry statement.

Read also:

In the virtual address he said “I would like to ask the industry that even if they take raw materials from outside, make the final product after adding value, use it in the country and also exports “.

“If inflation is skyrocketing. central banks will raise interest rates, the cost of capital may rise, and to that extent expansions may slow. If the expansions slow down, it will not help lower steel prices, ”says TV Narendran.