India investing in infrastructure to meet people's aspirations; steel a key sector: Piyush Goyal
Nov 07, 2023
New Delhi [India], November 7 : Union commerce minister Piyush Goyal said on Tuesday that India is moving towards massive investments in infrastructure to meet the aspirations of its growing population, addressing the 4th edition of 'ISA Steel Conclave 2023' held in New Delhi.
Speaking on the occasion, the Minister acknowledged that steel is vital to achieving this goal, with an aspiration to produce 300 million tons of steel annually by 2030.
The event was marked by discussions on the theme, 'Steel Shaping The Sustainable Future,'
Addressing concerns about the Carbon Border Adjustment Mechanism (CBAM), Goyal assured that the Indian government has taken up the issue with the European Union and at the World Trade Organization (WTO). He emphasized the importance of fair treatment for Indian producers and exporters and reaffirmed India's commitment to opposing unfair taxes or levies that may harm the steel industry.
The Minister further highlighted efforts to secure better Free Trade Agreement access for the steel industry in developed countries and emphasized the importance of intellectual property and value addition in trade agreements. He also recognized the industry's support for the MSME sector in India and urged continued commitment to this segment.
The steel industry's role in the construction sector, India's growth, and its influence in helping the nation become self-reliant were highlighted by the Minister. Goyal commended the industry's commitment to quality standards and the need to expand quality control orders to ensure high-quality steel products for consumers.
Additionally, the Minister pledged to address concerns related to safeguarding duty and other international trade agreements impacting the steel industry.
Goyal said that the steel industry in India currently employs approximately two million people, making a substantial contribution to the national GDP. The Minister conveyed his confidence that the steel industry can significantly enhance self-reliance as India strives to meet the increasing demands of the sector. The industry's growth and performance have been remarkable in recent years, with Goyal receiving feedback from major steel producers regarding their plans for capacity expansion and sustainable manufacturing practices.
The Minister noted that India aspires to transform from being a net importer of steel to a net exporter. The Production-Linked Incentive (PLI) for speciality steel is one of the steps taken in this direction, promoting the manufacturing of high-quality steel and bolstering India's position in the international market.
