Government's expansion plans contradict slowing industry
Poundrick noted that falling steel prices have created serious problems for small companies, especially at a time when the Indian government is aiming to significantly expand capacity in the steel sector over the next five to seven years.
"Steel prices today are lower than they should be, and small manufacturers are struggling," he said.
The Minister of Steel stressed the need to protect the steel industry to ensure India's long-term industrial self-sufficiency, describing steel as a strategic sector crucial to the country's economic and security interests.
"If we become dependent on imports, we risk facing serious problems due to geopolitical factors, as we see today," he added.
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