Silver Lining For Indian Steel

Steel Minister Chaudhary Birender Singh Believes The Future Of India's Steel Industry Lies In Innovation. He Talks To Fortune India About What Had Been Ailing The Sector, How It Is Doing Now, And Long-term Policy Measures Taken By The Government To Make It Globally Competitive.

- Ashish Gupta And Debabrata Das

 WHEN CHAUDHARY BIRENDER SINGH became steel minister in the National Democratic Alliance government in 2016, the industry was going through a rough patch, mainly due to dumping of cheap sub-standard steel from China, and imports from Japan and South Korea. Now, things are looking up. Timely interventions by the steel ministry such as imposition of anti-dumping duties and minimum import price, and an uptick in global demand have revived the sector. Prices of steel products have stabilised, steel-making capacity and production are growing, and private steel producers are reporting profits. The 72-year-old Singh says now the focus is on investing in research and development, being globally competitive both in cost and quality, and increasing the production of high-grade steel. Excerpts from an interview:

Can you give us some details about why the steel industry went into such a slump and how you scripted a turnaround in just two years?