Current Data on India’s steel import and export
According to Joint Plant Committee’s annual report on steel sector for the time period 2016-17, India’s import of total finished steel declined 36 % to 7.4 million tonnes (MT). At the same time, steel exports increased 102% to reach 8.2 million tonnes (MT) in the said time period. The country also fared well in terms of production as well. The production of crude steel was 97.385 MT during April-March 2016-17, which is 8.5% increase over the previous year steel production.
India is the third largest producer of crude steel after China and Japan. India has set an ambitious target for becoming the second largest in the near term. For this, the Steel Ministry has released new draft National Steel Policy of 2017, that envisages doubling of India’s domestic steel production capacity to 300 million tonnes by 2030-31.
Joint Plant Committee
JPC was founded in 1964 by the Ministry of Steel. It formulates guidelines for production, allocation, pricing and distribution of iron and steel materials across the country. It is the only institution which is officially empowered by the Ministry of Steel to collect data on the Indian iron and steel industry in order to create and maintain a basic, complete and non-partisan databank in this industry. Its headquarters is located in Kolkata.
Categories: Business & Economy Current Affairs 2017