Union Minister of Commerce & Industry and Railways and Steel Minister discussed the challenges being faced by the steel sector and the import-export trends with steel producers yesterday. Both the Ministers assured the steel industry that Ministries of Commerce& Industry and Steel will make all efforts to ensure that engineering goods exports double in the next 5 years and reach $ 200 billion by 2030.
Although India is the second largest manufacturers of steel but India is also a net importer of steel. Representatives of the steel industry and the Engineering Export Councils discussed in detail with Commerce and Steel Ministers the protectionist measures being imposed by other countries and the under-utilised capacity in steel manufacturing in India. The MSME sector steel manufacturers urged steel producers to supply raw material at concessional prices so that the MSME sector can compete in international markets.