Steel sector witnessing growth after slowdown: Minister

The steel sector is witnessing growth in the recent past after a slowdown, with India becoming a net exporter in the current financial year, Union minister Dharmendra Pradhan said.

During the Question Hour, he said steel is a deregulated sector where market forces and commercial considerations decide construction and location of new steel plants.

He was responding to a query on whether the government proposes to set up new steel plants in Haryana.

According to him, India has become a net exporter of steel in the current year.

"The import of steel has increased marginally in the last three years from 7.23 million tonnes in 2016-17 to 7.83 million tonnes in 2018-19," he said.

Noting that domestic production has consistently increased regardless of such imports, Pradhan said in the current year, the country is a net exporter.

"To counter import of cheap steel, anti-dumping duties have been imposed on various grades of steel which were dumped into the country.

"Import of steel grades which are not manufactured in adequate quantity in the country is essential for supporting manufacturing sector," he noted.