Minister urges industrial players to show maximum participation in infra developments
Despite global headwinds, India’s steel sector showed a robust growth of ~8% in past years based on significant demand construction, infrastructure, automobile, engineering and defense among others.
This growth solidifies India’s position as the second-largest steel https://worldsteel.org/ producer globally garnered on the back of the government’s investments in infra projects.
Steel Minister Jyotiraditya Scindia said this in his video message to Metalogic’s National Conference on Steel in Infrastructure https://indsteel.org/ .
“The steel industry has been one of the bulwarks of India’s rapid infrastructure development. And this is one industry whose fortunes look bright indeed, despite the recent turbulence due to the COVID-19 pandemic.”
The Minister also urged industrial players to show maximum participation in infra development projects.
He continued, “As we embark on various mass transit projects, including high speed rails and integrated bus tents, I would also like to urge all industry players to explore diverse participation models, such as public private partnerships, and by fostering collaboration between the public and private sectors.
“We can unlock synergies and expedite the implementation of transformative infrastructure projects.
“As we chart a course towards a brighter and more resilient future, let us remain steadfast in our commitment to harness the full potential of steel to build a nation that is prosperous, inclusive, and sustainable,” he concluded.
“Whichever country has built its infrastructure it has built from its own steel, one cannot import steel and built its infrastructure which India government realises,” Naveen Jindal, Chairman of JSPL, said in an event press release on 16 Mar 2024.
He emphasized on recycling of steel byproducts like slag which can be used as replacement of fertilizers or for road construction which will help in reduction of CO2 emissions. He also urged the industry to produce more and more green steel and use it in infrastructure.
Steel usage in the building, construction, and infrastructure domains has seen a consistent annual growth rate of 4.5% over the last four years. These positive trends are anticipated to persist in the near future, with an estimated demand increase of 7-8% in the building and construction sectors, and 8-10% in the infrastructure sector until FY 2025.
“There is need to pick up the pace of steel consumption in infrastructure to become a develop country without compromising on quality,” said Amarendu Prakash, CMD SAIL.
He further added that engineering architects should also be having proper knowledge which helps in demand generation which can be provided by including the syllabus in academia.
The Indian Railways has massive investment plans for adding 40,000 tracks km in next 5 years which will generate more demand for steel, according to Ravindra Kumar Jain, MD, Dedicated Freight Corridors Corporation of India Limited. These massive plans are capable of generating 9.60 lakhs tons of rail, 1.4 lakh tons of structural steel and 12 lakh tons of reinforcement steel, he further concluded by saying that DFC is ready to extend all possible support for transportation of steel. Fiinews.com
