India: A net importer of Steel

Question: The New Steel Policy 2017 aspires to achieve how much of steel making capacity by 2030?
(a) 300 MT
(b) 250 MT
(c) 150 MT
(d) 200 MT
Answer: (a)
Related facts:

  • India was a net importer of steel during 2018/19 fiscal year, the first time in three years, as the country lost market share among its traditional steel buyers and imports jumped on demand for higher-quality steel domestically.
  • The country’s finished steel exports fell by 34 percent in the fiscal year that ended in March to 6.36 million tones.
  • During the same period, finished steel imports rose 4.7 percent to 7.84 million tones.
  • India’s exports during the fiscal year declined after rival steelmakers in China, Japan, South Korea and Indonesia, blocked from markets in the United States and Europe by tariffs and other protectionist’s measures, ate away at the country’s markets in the Middle East and Africa.
  • Imports from the four Asian countries also climbed as they diverted supply into India.
  • Imports of value-added steel, primarily for the auto sector and high-end electrical steel were the biggest source of imports.

Links:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=161491 http://ibm.nic.in/writereaddata/files/12142018183430Iron%20Steel%20and%20Scrap%202017.pdf
https://www.thehindu.com/business/Economy/india-shifts-to-net-steel-importer-in-2018-19-fiscal/article26831055.ece