Exhorting public and private steel companies facing cheap imports from global markets to evolve "joint strategies", Steel Minister Chaudhary Birendra Singh today said efforts need to be made for cost reduction and improving product quality.
"My desire is that public, private sector and Ministry will have to prepare themselves to jointly face the challenges coming from abroad," Singh said while inaugurating the steel pavilion at the India International Trade Fair (IITF) here.
He was referring to the spate of cheap imports in India from countries such as China, Korea, Japan and Russia, which have eroded the margins of the domestic steel producers and has impacted their sales and profits.
"The entire industry will have to come up with joint strategies to take on the challenges being faced by the industry," the minister said.
Government is focused on the manufacturing sector and is implementing Research and Development (R&D) projects in realms of iron and steel technology under various categories such as Plant Performance Improvement (PPI), Product Development (PD), Scientific Investigation and Development (SID), Basic Research (BR) and Technical Services (TS), Singh noted.
The major efforts are directed towards cost reduction and improvement in quality of Indian steel, in order to develop and deliver high quality steel products that add value to the customer's business, across the value chain, he said.
"India is the world's third largest steel maker and we are constantly working towards innovative and cost-effective R&D solutions, developing and commercialising improved processes and products, continually enhancing capability with the aim of becoming a global hub of centre of excellence," he added.
Steel Secretary Aruna Sharma said that in line with Prime Minister Narendra Modi's vision of a digital India, the Indian steel industry has taken a very proactive approach.
It is enabling a seamless integration of digital technologies across processes, such as operations research, product development, robotics & mechanical engineering, mining, pelletisation, raw material handling, coke oven, sinter plant, blast furnace, long product mill, among others.
Digital Revolution holds many promises, for the sector in India. It has already embedded transparency, efficiency, enhanced quality of Indian steel and most importantly improved safety standards, leading to a digitally empowered society and knowledge economy, she added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
