New Delhi, Nov 15 (UNI) To avoid further downhill, the steel industry needs to change its strategy and focus on improving technologies to reduce price and increase per capita steel consumption in the country, Steel Secretary, P K Rastogi said her today.
''Despite India having made strides in the industrial growth, the per capita steel consumption in the country remains as low as 30-35 kg as compared to approximate 200 kg in China and 380 kg in US.
China with population slightly more than that of India, produces and consumes almost ten times more steel than India, Mr Rastogi said while speaking at a interactive session organised by All India Induction furnaces Association (AIIFA) .
Finding ways and means to increase per capita steel consumption is the best solution for the country to meet the global economic challenge, he added.
''Due to the recession in both the global as well as the domestic market and reduction in steel consumption the steel stockpile of steel is increasing in the various manufacturing units in the country. This could lead to reduction in production and huge unemployment. The problem is worsened by the declining of steel price on the world market,'' Mr Rastogi said.
However on the imposition of higher levy on imports on steel, he said it is one way to tackle the grim situation, but it had to be considered carefully due to its impacts on producers, auto and building companies and consumers.
UNI AK SY KN1534