Build-up to Budget 2014-15: Steel industry seeks sops for better output

Fri Jul 04 2014, 12:59 hrs
Lack of coal has played havoc with the steel sector in addition to the slowdown in the economy over the past three years. In FY14, steel production rose only 3.8%. (Image Credit: AP)
Lack of coal has played havoc with the steel sector in addition to the slowdown in the economy over the past three years. In FY14, steel production rose only 3.8%. (Image Credit: AP)
The steel ministry has told the Prime Minister’s Office in a presentation how the sector stacks up with the growth rate of the economy. If the economy consistently grows at 7% per annum till 2025 it will generate a terminal demand for 186 million tonnes of steel and 298 MT by FY33. If the economy grows at 8% then the expected output could be 208 MT by FY26 and 339 MT by FY33. (Image Credit: Thinkstock)
The steel ministry has told the Prime Minister’s Office in a presentation how the sector stacks up with the growth rate of the economy. If the economy consistently grows at 7% per annum till 2025 it will generate a terminal demand for 186 million tonnes of steel and 298 MT by FY33. If the economy grows at 8% then the expected output could be 208 MT by FY26 and 339 MT by FY33. (Image Credit: Thinkstock)
Steel companies are demanding a building up of a steel freight corridor (2,200 km) that includes roads and slurry pipelines to cut down on the delay in transporting iron ore from the distant mine pit heads. (Image Credit: Reuters)
Steel companies are demanding a building up of a steel freight corridor (2,200 km) that includes roads and slurry pipelines to cut down on the delay in transporting iron ore from the distant mine pit heads. (Image Credit: Reuters)
In the very short run the sops to the sector can yield an additional 27 MT of output in the next five years. This will generate additional investment of Rs 1.84 lakh crore within five years and 1.5 lakh man days of additional employment generation. (Image Credit: Reuters)
In the very short run the sops to the sector can yield an additional 27 MT of output in the next five years. This will generate additional investment of Rs 1.84 lakh crore within five years and 1.5 lakh man days of additional employment generation. (Image Credit: Reuters)
There has been an increase in crude steel production capacity from 75 MT to 100 MT in the last four years. Projects in the works include expansion and modernisation plan by SAIL to raise capacity to 22 MT from the existing 12.8 MT. Rashtriya Ispat Nigam too is planning a rise from 2.9 MT to 6.3 MT. Another 3 MT greenfield steel project at Bastar by NMDC is in the works. (Image Credit: Reuters)
There has been an increase in crude steel production capacity from 75 MT to 100 MT in the last four years. Projects in the works include expansion and modernisation plan by SAIL to raise capacity to 22 MT from the existing 12.8 MT. Rashtriya Ispat Nigam too is planning a rise from 2.9 MT to 6.3 MT. Another 3 MT greenfield steel project at Bastar by NMDC is in the works. (Image Credit: Reuters)
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