SAIL to leverage domestic growth potential

World steel association forecasts 6.1 percent growth in steel consumption for India in 2017

GN Bureau | September 22, 2017


#Steel Authority of India   #SAIL   #PSU  

Steel authority of India (SAIL) chairman PK Singh expressed confidence on improving the performance of the Maharatna PSU in the current fiscal because of a host of initiatives in almost every area of operations.

During 45th annual general meeting of the company, Singh said the world steel association, in its short range outlook has a forecast of 6.1 percent growth in steel consumption for India in 2017. “SAIL with modern technologies at its disposal aims to leverage potential of growth in steel demand by operating at rated capacities, product differentiation and customer satisfaction. Since its inception, the SAIL has produced 475 million tonnes (MT) of crude steel and is involved in all major national projects requiring steel,” he said.

SAIL has done significant value addition in its product mix, with higher grades of steel from Rourkela Steel Plant’s new plate mill for the oil and gas sector, SAIL HT-600 product for the automotive sector and high strength LPG steel grade from Bokaro steel plant. Continuous product development efforts are being made with intensive research and development efforts especially from the new mills commissioned.

He further said India is poised to become the world's fifth largest economy in 2017, surpassing UK and France and the world's third largest economy by 2023, surpassing Japan and Germany. India’s GDP is projected to rise from USD 2.2 trillion in 2016 to USD 3.6 trillion by 2020. This augurs well for businesses that are focused on domestic growth in the future.
 

Comments

 

Other News

Gandhi’s Triumph over the Fear of Death

The Essential U. R. Ananthamurthy Edited by N. Manu Chakravarthy and Chandan Gowda Aleph Books, Rs 899, 312 pages

Bird walks for youngsters to be held across India

Early Bird and the Rainmatter Foundation have announced five bird walks, led by naturalists, across India on June 10. The walks, to be held in Agartala, Dehradun, Mysore, Panjim, and Tirupati early in the morning, are part of the Rainmatter Foundation’s Walking Lightly campaign, being observed throug

India celebrates Environment Day with thrust on Mission LiFE

The Ministry of Environment, Forest and Climate Change, Government of India organized the World Environment Day on Monday with a thrust on Mission LiFE. The concept of LiFE, i.e., Lifestyle for Environment was introduced by prime minister Narendra Modi at the World Leaders` Summit in Glasgow at COP26, when

Green banking: an emerging way forward

Green Banking is an initiative taken by the banks to promote environment-friendly practices and reduce carbon footprint of their activities. Green financing (a part of ‘Green Banking’) is a broad term that can refer to a financial investment flowing into sustainable development projects and ini

GST revenue in May clocks 12% y-o-y growth

The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST is ₹81,363 crore (including ₹41,772 crore collected on import of goods) and cess is ₹11,489 crore (including ₹1,057 crore collecte

Need local solutions to climate change: P Velrasu of BMC

Climate change rising temperature and sea levels are posing new risks for coastal cities. With population growth rate of 1%- 2% in India every year, Mumbai too is growing and is population will double from 20 million to 40 million in the coming years. The city is also at the risk of rising sea level. It ne

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter