India's crude steel production increased 5.4 percent to 8.107 million tons in April from 7.69 million tons in the same month last year.
The country has recorded a colossal increase in exports over the past month. Exports of finished steel rose 142 percent in April 2017 to 0.747 million tonnes compared to April 2016. However, it fell 54 percent from 1.621 million tonnes in March 2017. On the other hand, imports fell 23 percent to 0.504 million tonnes during April 2016.
India's rolled steel consumption in April rose 3.4 percent to 6.051 million tonnes compared to April 2016. However, consumption fell by 22 percent compared to March this year.
India has long been the third largest steel producer in the world after China and Japan. Now the country is trying to gain a foothold in second place.
The Government of India is undertaking various measures and initiatives to develop the domestic steel sector. On May 3, the Cabinet of Ministers approved a new policy that aims to achieve 300 million tonnes of steelmaking capacity by 2030.
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