With almost 70 percent of India’s population living in rural areas, the Government of India has adopted a ‘look rural’ policy for the growth of the steel industry.
Union Minister of Steel Beni Prasad Verma said that the government, through SAIL, is going to revive the erstwhile Malvika Steel in Jagdishpur and set up SPUs in Barabanki, Lakhimpur Kheri, Gonda and Mirzapur to boost industrial activities in at State level and provide jobs opportunities to the local youth.
He was speaking at the inaugural ceremony of the Conference on Enhancing Steel Consumption in India organized by the Confederation of Indian Industry (CII). He mentioned that industry needs to work together to raise the steel consumption in rural India that currently stands at 8.5 million tonnes.
He stated that during the 12th Five Year Plan, the government is planning to invest `45 lakh crore in the field of infrastructure development and 50% of investment would be made by private sector.
It was mentioned that India is enhancing its share in steel use at the global level and is currently on a growth phase. The Indian growth rate stands at 4.3 percent at the global level during the year 2011, it was stated. The government expects the global steel consumption to grow by 6.5 percent and 5.4 percent respectively in 2011 and 2012.
The conference held that given India's human resource capabilities, the country can play a leadership role in R&D to boost growth in the domestic steel industry in India.
Speaking on the occasion, C S Verma, Chairman, CII National Committee on Steel and Chairman, SAIL, stated that there is tremendous scope of use of steel in Indian rural markets.
He mentioned that India is enhancing its share in steel use at the global level and is currently on a growth phase. He stated that the Indian growth rate stands at 4.3 per cent at the global level during the year 2011. The global steel consumption is expected to grow by 6.5 per cent and 5.4 per cent respectively in 2011 and 2012. During 2005, the per capita consumption of steel was 2 kg and now it is 9.5 kg in the Indian rural sector.
He stated that the industry needs to address the big challenge of managing cost and technology in the field of steel manufacturing.
He observed that some efforts have to be made for the growth of steel i.e. fabrication facilities, incentives to small entrepreneurs and abolishing credit deposits etc.
The meet was attended by AP Choudhary, Chairman & MD of Rashtriya Ispat Nigam Ltd and Ved Krishna, Chairman of CII UP State Council.
Union Minister of Steel Beni Prasad Verma said that the government, through SAIL, is going to revive the erstwhile Malvika Steel in Jagdishpur and set up SPUs in Barabanki, Lakhimpur Kheri, Gonda and Mirzapur to boost industrial activities in at State level and provide jobs opportunities to the local youth.
He was speaking at the inaugural ceremony of the Conference on Enhancing Steel Consumption in India organized by the Confederation of Indian Industry (CII). He mentioned that industry needs to work together to raise the steel consumption in rural India that currently stands at 8.5 million tonnes.
He stated that during the 12th Five Year Plan, the government is planning to invest `45 lakh crore in the field of infrastructure development and 50% of investment would be made by private sector.
It was mentioned that India is enhancing its share in steel use at the global level and is currently on a growth phase. The Indian growth rate stands at 4.3 percent at the global level during the year 2011, it was stated. The government expects the global steel consumption to grow by 6.5 percent and 5.4 percent respectively in 2011 and 2012.
The conference held that given India's human resource capabilities, the country can play a leadership role in R&D to boost growth in the domestic steel industry in India.
Speaking on the occasion, C S Verma, Chairman, CII National Committee on Steel and Chairman, SAIL, stated that there is tremendous scope of use of steel in Indian rural markets.
He mentioned that India is enhancing its share in steel use at the global level and is currently on a growth phase. He stated that the Indian growth rate stands at 4.3 per cent at the global level during the year 2011. The global steel consumption is expected to grow by 6.5 per cent and 5.4 per cent respectively in 2011 and 2012. During 2005, the per capita consumption of steel was 2 kg and now it is 9.5 kg in the Indian rural sector.
He stated that the industry needs to address the big challenge of managing cost and technology in the field of steel manufacturing.
He observed that some efforts have to be made for the growth of steel i.e. fabrication facilities, incentives to small entrepreneurs and abolishing credit deposits etc.
The meet was attended by AP Choudhary, Chairman & MD of Rashtriya Ispat Nigam Ltd and Ved Krishna, Chairman of CII UP State Council.
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