Crude Steel Current Affairs - 2020
On January 10, 2020, the Ministry of Steel announced that it will launch “Purvodaya”, a world class steel hub. The hub aims at an accelerated development programme of eastern states. The Ministry will be joined by CII (Confederation of India Industries) in the implementation of “Purvodaya”.
The initiative aims at developing the eastern states through an integrated steel hub. The steel hub will create 2.5 million jobs in the region. It will create world-class logistics and infrastructure. This will also help in achieving India’s steel policy target of 300 MT by 2030.
The Steel Hub
The Steel Hub will develop steel clusters in the region. It will transfer the utilities and logistics infrastructure into socio-economic landscape. So far, 12 major steel zone has been identified under the initiative in the region.
Why Eastern States?
The 5 Eastern states namely West Bengal, Chhattisgarh, Jharkhand, Odisha and Northern Andhra Pradesh are extremely rich in coking coal, bauxite and dolomite reserves. The region also has major ports such as Haldia, Paradip, Kolkata and Vizag. Therefore, setting up a steel hub in the region will help India achieve its 5 trillion-dollar economy target fast.
The region also has potential to add 75% of country’s incremental steel capacity.
Tags: CII • Crude Steel • Eastern States • High Quality Steel • Ministry of Steel
According to Steel Users Federation of India (SUFI), India has overtaken Japan to become world’s second largest producer of crude steel in February 2018. China is the largest producer of crude steel in the world, accounting for more than 50% of the production. Earlier in 2015, India had overtaken US to become third largest producer of crude steel.
India’s crude steel production stood at 93.11 million tonnes (MT) for period April 2017 to February 2018 and was up 4.4% as compared with April 2016-February 2017 period. This helped to overtake Japan and become second largest producer of crude steel in the world.
The growth in steel production was attributed to policies undertaken by government followed host of steps taken to curb imports, push local demand with initiatives like Make in India and implement GST and infrastructure projects, to encourage the domestic market.
Tags: Business • China • Crude Steel • Economy • India