New Delhi, May 22 (KNN) Acknowledging the role and contribution of small and medium steel manufactures in achieving the India’s vision of producing 300 mn tonnes by 2030, the Union Minister of Steel, Chaudhary Birender Singh said that MSME steel industry plays a crucial role in growth and development of economy.

He said “MSME steel industry offers direct employment to 5 Lakh people and indirect employment to 25 lakh individuals, which is a notable contribution to Indian economy.”

Speaking at the MSME Steel Conclave 2018 organized by the Steel Re-rollers Association of Maharashtra (SRAM) in Mumbai, he highlighted the role of MSME steel sector in conserving energy and natural resources.

During the Conclave he spoke about the advancement of the sector through a comprehensive approach like introduction of high-end technology, developing scope of opportunities in government infrastructure projects, various government schemes drawn to offer support to the sector and subsidies offered.

Estimating the production and consumption capacity of the sector in coming years he said “I think, 70% of India’s infrastructure is still to come up.

There is a provision of 6 lakh crores for infrastructure. Even if 10% goes to steel there is around 60,000 crore for the industry.”

“Our consumption is about to increase by 2020 it would be nearing 180-185 mn tonnes. So, as your production increases India’s infrastructure consumption increases as well, there is a big opportunity for the sector”, he added.

Aruna Sharma Secretary Steel, Government of India, outlined the role of small steel manufacturers in terms of production and employment creation which is visible in GDP growth and financial stability in the Indian steel sector.

She pointed out that the contribution of MSME sector is 57% in the industry. 

The conclave was attended by dignitaries such as, Dr. Aruna Sharma, Secretary Steel, Govt. of India, Sambhaji Patil Nilangekar, Minister of Labour & Skill Development, Govt. of Maharashtra, Sunil Porwal, Additional Chief Secretary, Industry Department, Government of Maharashtra,  Ruchika Chaudhry Govil, Joint Secretary, Ministry of Steel, Yogesh Madhani – President, SRAM and Kamal Gupta – General Secretary SRAM.