Metals Head attends CII Steel Summit 2014
September 25, 2014
Tata International’s Head of Metals Mr Ramesh Mani attended the Confederation of Indian Industries’ Steel Summit 2014 in New Delhi (India) along with Mr Himanshu Das, General Manager – Indian Subcontinent. The event themed ‘300 MTPA by 2025: The Emerging Landscape’ was held at Hotel Shangri La on September 19.
The Indian steel industry has been growing at an approximate rate of 8 per cent over the last decade. The present consumption of finished steel is 73 MTPA. India aspires to become a 300 MTPA steel economy by 2025.
However, present growth is likely to lead to a significant shortfall. The Confederation of Indian Industry in association with the Ministry of Steel organised the initiative to articulate the issues relating to raw material security for steel, logistics infrastructure, demand drivers for growth and user industry perspective hindering growth of the sector. Mr Narendra Singh Tomar, Minister of Mines, Steel, Labour and Employment addressed the event. Current challenges that are hindering the steel industry from realising its potential, such as unavailability of raw materials, high cost of logistics, human resource gaps and low research and development spend, were highlighted. Demand for steel is bound to accelerate with India building much-needed infrastructure. There are plans to set up a joint task force for getting together various stakeholders of the steel industry and ministry for an action agenda for the sector. The government’s effort is aimed at increasing the share of manufacturing in GDP from 16 per cent to 25 per cent.