India exported 13.5 million tonne (MT) of finished steel valuing Rs 1 lakh crore in the last financial year, Minister of Steel Steel Faggan Singh Kulaste has said.
According to official data, India's finished steel exports were at 10.78 million tonne in 2020-21.
"India exported 13.5 MT finished steel amounting to Rs 1 lakh crore and imported steel of around Rs 46,000 crore during FY22," Kulaste said at Steel and Engineering Exports organised by Metalogic PMS on Tuesday.
The value of merchandise exports from India was at USD 420 billion, he said.
In FY22, India's steel consumption was at an all-time high of around 106 MT, while the country produced a record 120 MT crude steel, Kulaste said.
The sector is growing at a compound annual growth rate (CAGR) of around 5 to 6 per cent on a year-on-year basis.
"Notwithstanding the challenges arising out of COVID-19, the steel sector in terms of external trade, production and consumption registered a record performance. We have the potential to do better in the steel sector across all areas. The engineering sector -- is closely linked to the manufacturing and infrastructure sectors -- is of strategic importance to India's economy, and the steel sector is closely linked to this sector," the minister said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU