Bhubaneswar, Oct 14 (UNI) Steel Minister Ram Vilas Paswan today said he had convened a meeting of the Indian steel industry houses to discuss various issues facing the industry following a fall in the prices of the steel and a decline in the demand for steel in the international market.
Talking to newspersons here, Mr Paswan said during the inflation the steel industry had supported the government and '' we would certainly reciprocate them in their hour of crisis''.
The Union Minister said in the wake of fall of steel prices in the international market, the steel industry had been demanding reduction in the export and import duty on various steel items.
He assured that the government would go for rationalisation of the export and import duty on various steel products to help the Indian Steel industry.
Mr Paswan, however, was very optimistic that the fall in the international prices or the decline in the demand for steel would not hit the Indian steel industry.
As such there had been huge demand for steel in the domestic market and as against the demand growth of 13 per cent, the steel industry in the country had registered a growth of only six per cent.
The Union Minister said the government had revised the National Steel policy on achieving the target in the production of steel. The government, he said, had now set a target to produce 124 million of steel during the next three years and about 300 to 350 million ton by the end of 2020.
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