India seeks global steel collaboration
The Indian Capital Goods (CG) manufacturers are expected to sign 20 Memorandum of Understanding (MoUs) with foreign technology providers, foreign capital goods manufacturers, consultants and steel manufacturers at a steel conclave on 23 October.
With the signing of these MoUs, US$5 billion worth of imported capital goods will be manufactured in the country as part of Make in India drive in steel sector in the next 12 years, said Steel Minister Chaudhary Birender Singh.
Manufacturers from Luxembourg, Spain, Italy, Germany, Netherlands, Finland, China and Japan are scheduled to join about 350 delegates and a representative from World Steel Association (WSA) and 28 CEOs of foreign technology companies at the conclave on “Capital goods in Steel sector: Manufacture in India”.
India aims to be a global manufacturing hub for most of the capital goods equipment through multilateral collaborative efforts by way of MoUs, Joint Ventures, Transfer of Technology and tie-ups.
Chaudhary said that this Conclave is an initiative of Steel Ministry to promote domestic capacity and capability building and manufacturing of capital goods in the steel sector.
National Steel Policy (NSP)-2017 envisages setting up of 300 Million Tonnes (MT) steel capacity by 2030-31 which means increasing the present capacity by 2.5 times from 138 MT to 300 MT in the next 12 years.
Such huge expansion will require over Rs.800,000 crore (US$128 billion) investment and imports of about US$25 billion (Rs.160,000 crore) worth of capital goods equipment by 2030-31.
To be held on 23 Oct 2018 at Bhubaneswar, Odisha, the conclave is being organized with support of MECON, formerly known as Metallurgical & Engineering Consultants, and Confederation of Indian Industry.
“The objective is to transform India into a world class manufacturing hub through massive collaborative efforts with best-in-class institutes and industry around the world,” said Chaudhary.
Apart from the inaugural session, the one-day Conclave, will have two panel discussions on “Synergising global experience and domestic capital goods capability for the steel sector” and “Incentivising domestic capacity expansion” in which leaders of the steel industry, policy makers and experts from abroad will discuss core issues, challenges and government support required for steel industry in India.
The Conclave will see the participation of five Union Ministers, the Chief Minister of Odisha, Secretaries of Steel Ministry, Department of Heavy Industry and senior officials of Central & Odisha Government.
The steel consumption in the country has been increasing at 7.9% since last two years. As per World Steel Association’s 8-month steel production figures for 2018, India has become the second largest steel producer in the world. Indian steel production has been growing at 6.7%, achieving highest growth amongst the major economies of the world. fiinews.com
