Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan has stressed on enhancing domestic steel usage in the country and reducing import dependence for meeting oil & gas sector's steel requirements. Referring to the Prime Minister Narendra Modi's clarion call for making of an Aatmanirbhar Bharat, Pradhan said that Aatmanirbhar Bharat is a strong Bharat with robust manufacturing sector, self-reliant yet globally integrated economy. Having strong linkage with the sectors like construction, oil & gas, automobiles, machinery among others, Indian steel sector has got a fundamental role to play in realizing India's dream of becoming Aatmanirbhar Bharat. He said that Indian steel sector can strive to be a major player at the global stage, only after it fulfills all the domestic requirements. Domestic players should rise to the occasion so that cost does not escalate in our efforts to promote localization of supply chain.
On the oil and gas sector, the Minister said that it has seen tremendous transformation over last six years on the back of pro-investment policies. The sector is undergoing tremendous growth, be it in refineries, pipelines, gas terminals, storage capacity, gas cylinders, retail outlets, and all these require large amount of steel. Oil and gas sector is one of the largest end users of steel pipes and tubes, with pipeline being the major mode of transport for petroleum, oil and lubricant products. Expansion of city gas distribution network to cover 70% of our population, refining capacity augmentation, plan to setup 10,000 CNG stations, E&P activities -all will drive steel demand in the sector. Urging all the organizations in the oil and gas to procure domestic steel rather than importing them, Pradhan said that the domestic steel manufacturers have all the capabilities to cater to the future requirements for steel in the sector. Meeting steel demand domestically and reducing import dependence will significantly enhance employment opportunities in the sector and would also give boost to growth of MSMEs in steel sector and lead them to produce more value-added products.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
