The past the years have been quite challenging for the steel industry. The Government intervened strategically at regular intervals to provide policy and regulatory support as and when required. MIP, dafeguard duties, anti-dumping duties, construction and infrastructure investment were brought in to provide a level-playing field. The focussed strategy of PRIDE has given desired results. India has now emerged as a leading country among steel-producing nations. It is heartening to note that we are among the few countries to have a positive demand growth for steel.
In the financial year 2016-17, the steel industry has performed exceedingly well. We doubled our exports of steel products. In fact, India became a net exporter of steel after a gap of three years. We reduced our steel imports by 1/3rd and increased production of crude steel by around 9 per cent. Congratulating the gathering, the Steel Minister said, “I am sure that 2017-18 will also be a record-breaking year, with India leading the growth trend.”