Asking domestic steel makers to step up production in the aftermath of coronavirus outbreak, Union minister Dharmendra Pradhan on Monday said India should target a larger global market share as the impact of the deadly virus will be felt on global steel industry for at least two to three years.
By the end of 2019-20, a strategy paper should be in place for at least 10 million tonnes (MT) of special steel at a cost of Rs 50,000 crore with 50,000 employment potential in the present scenario, Steel and Petroleum & Natural Gas Minister Dharmendra Pradhan said here.
At present, India is the second largest steel producer with an annual output of over 106 million tonne (MT) but lags way behind China that accounted for 928.3 MT of the alloy in 2018.
"When some markets in the globe face pressure, its positive reflection is felt in some other markets. This is an automatic (natural) law. India occupies number two slot in steel production. From capital goods to finished products - how can we derive benefit - we are holding talks with stakeholders," Pradhan said on the sidelines of 'Indian Steel: Fostering Steel Usage in Railways &Defence Sectors' organised by the Steel Ministry in association with CII.
Pradhan also said Prime Minister Narendra Modi has offered a helping hand to China to fight the deadly virus.
He urged players, both large and small, including the startups to come forward for the production of special steel and check its import, saying it was a paradox that countries like Japan and Korea were exporting finished goods to India after adding value to raw material imported from India.
He said the global steel industry will remain affected by the impact of coronavirus for two to three years.
"India is a technologically competent country. There is lot of manpower, lot of domestic market, lot of raw material ... Synergising all these factors we have to be self-sufficient, we have to create a new model ... We have to produce good quality of special steel... We can also export," Pradhan said.
He said: "Ten MT special category steel which is imported can easily be manufactured here with Rs 50,000 crore capital spending. It will give direct and indirect emplyment to 50,000 people."