Finance Minister Arun Jaitley on Monday said that the nation's steel sector needs to be strengthened and preserved, as consumption of the product will increase with the Indian economy growing.
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Addressing a function here this morning, Jaitley said that adverse global cues in the steel sector are only a transient trend, and India has the strength to withstand global challenges.
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He also said that iron ore mining capacity needs to be expanded to bring down raw material prices.
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The challenges and crisis in the sector have to be dealt with appropriate solutions, he said, adding that the sector needs to be revived and its non-performing assets which are locked in with banks need to be activated.
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Steel and Mines Minister Narendra Singh Tomar said his ministry is committed to promote steel industry and every step will be taken to boost it.
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India is the third largest steel producing country in the world.
