Steely Strides

Steely Strides

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Abishek Sonkar

With government's intense focus on infrastructure and industry's emphasis on quality, Indian steel sector is scripting a fascinating growth story.

The Indian Steel Association(ISA) expects India to continuewith the trend of being a net exporter of the alloy for the next few years. The quality of steel manufactured in India, which turned a net exporter of the commodity this year, has become globally competitive, notes the industry body.

"This is the beginning for India towards becoming a global player. The country is no doubt on the right path. It is already a net exporter. This will give strength to domestic production so that the entire production may not be intended for domestic consumption, and some positive development needs to move further," opines Sanak Mishra, the secretary general and executive head of the ISA.

India was flooded by huge imports between September 2014 and September 2016. However, since about the beginning of this year, the country is showing the trend of becoming a net exporter.

Steel imports into the country fell during the last financial year on account of measures taken by the government. According to official figures, production of total finished steel stood at 101.274 million tonnes (mt) in April-March 2016-17. Steel exports were up by 102.1 per cent during the same period at 8.244 mt over the figures recorded in the corresponding period of 2015-16. Meanwhile, steel imports were at 7.427 mt in FY17, registering a decline of 36.6 per cent over the same period of the previous year.

Stress on quality