India will be a net exporter of steel for years to come, promised Dharmendra Pradhan, Minister of Petroleum, Natural Gas and Steel.
Speaking at the first Chintan Shivir: Towards a vibrant, efficient and globally competitive India's steel sector, Pradhan said: “India buys steel from many countries, but it hardly plays any role in infrastructure development in India. We have now started asking them to prioritize Indian steel companies in meeting their needs ... We anticipate India will become a net steel exporter in the coming years. ”
Commenting on the role of free trade agreements and their impact on the steel sector, Pradhan said: “Domestic industry should also seek funds to produce economical quality steel similar to other countries in order to maximize the benefits of free trade agreements with India.”
Pradhan said that there is an understanding in the Indian government of the need to reduce the export of raw natural resources to zero. By this he explained the impossibility of fulfilling the requirements of exporters to reduce the duty on the export of high quality iron ore.
He also said that it is necessary to reconsider the question of whether there should even be a separate Ministry of Steel for India as such. Both private and state-owned companies can be given more leeway, Pradhan said.
