10 lakh cr needed to meet steel ouput target

10 lakh cr needed to meet steel ouput target
19/06/2018 , by , in ALLIED

India will need to invest around Rs 10 lakh crore to meet the steel production target of 300 million tonne by 2030, Steel Minister Chaudhary Birender Singh said. He said this at the inauguration of four major facilities at JSPL’s 6 million tonne per tonne annum (MTPA) steel plant here, which included Rs 10,000 crore coal gasification unit and a blast furnace.

Describing Odisha as a fast emerging steel hub, the Singh said the state would contribute one third of the 300 MT of steel proposed to be produced in the country in 12 years. Accordingly, an investment of Rs 4 lakh crore would be made in Odisha to raise the steel production in the state to 100 MT in next 12 years, Singh said.

Noting that India has become the second largest steel producer in the world surpassing Japan and other countries, Singh said five lakh jobs have been created in the steel sector during last four years. The minister added that the new technology of making steel by coal gasification helps in producing the metal using domestic coal.

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