India eyes steel production of 110 million tonne by 2020

Hyderabad, Oct 3 (UNI) With more private players foraying into the sector, India is planning to increase the steel production from the present 30 million tonnes to 110 million tonnes by 2020, Ministry of Steels Special Secretary Arunkumar Rath said today.

Delivering a lecture at the Institute of Public Enterprises here, he said the nation, which stood fifth in steel production, was in a position to reach the second or third position in the next five years.

''We have set a compounded annual growth rate (CAGR) of seven per cent in the steel sector,'' he said.

The public sector Steel Authority of India Limited (SAIL) was planning a capex of Rs 50,000 crore in the next five years to increase its production, he added.

UNI