Chaudhary Birender Singh Tuesday said foreign companies can immensely benefit by setting up manufacturing units in India as the country has set a target to produce 300 million tonne of steel by 2030-31. Indian steel industry is expected to invest $128 billion for creation of new capacity, Singh said adding that India will have to import large number of critical plants and equipment valued almost $25 billion to meet needs of its steel industry by 2030-31. The Steel minister said spares worth over $500 million will have to be imported every year to meet the needs of India’s steel industry by 2030-31. They (foreign companies) can set up manufacturing facilities in India on their own or through joint venture/ collaboration with Indian capital goods manufacturers, the minister said. Singh said there has been rise in the rate of steel consumption by 7 per cent in last four years and 7.9 per cent in last 2 years in the country. The steel production is being increased at the rate of 6.7 per cent, he pointed out. 38 MoUs including about a dozen by foreign companies, were signed worth investment of Rs 39,400 crore in the Capital Goods for Steel Sector.
Our target is to produce 300 million tonne of steel by 2030-31: Govt
