India exports 13.5 mt finished steel worth Rs 1 lakh cr in FY22
Steel

India exports 13.5 mt finished steel worth Rs 1 lakh cr in FY22

Minister of Steel Faggan Singh Kulaste told the media that India exported 13.5 million tonnes (mt) of finished steel worth Rs 1 lakh crore in the last fiscal year.

India's finished steel exports were at 10.78 million tonnes in 2020-21, as per the official data.

During FY22, India exported 13.5 mt finished steel valuing Rs 1 lakh crore and imported steel of about Rs 46,000 crore, Kulaste said at Steel and Engineering Exports organised by Metalogic PMS.

The number of merchandise exports from India was $420 billion.

In FY22, India's steel consumption was at an all-time high of about 106 mt, while the nation produced a record 120 mt of crude steel, Kulaste said.

The sector is increasing at a compound annual growth rate (CAGR) of about 5% to 6% on a year-on-year basis.

The minister said that 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 industry across all regions. The engineering sector is closely related to the manufacturing and infrastructure sectors, and manufacturing and infrastructure sectors are of strategic significance to India's economy, and the steel sector is closely related to this sector.

Image Source

Also read: Steelmakers to invoke force majeure to call for fresh contracts

Minister of Steel Faggan Singh Kulaste told the media that India exported 13.5 million tonnes (mt) of finished steel worth Rs 1 lakh crore in the last fiscal year. India's finished steel exports were at 10.78 million tonnes in 2020-21, as per the official data. During FY22, India exported 13.5 mt finished steel valuing Rs 1 lakh crore and imported steel of about Rs 46,000 crore, Kulaste said at Steel and Engineering Exports organised by Metalogic PMS. The number of merchandise exports from India was $420 billion. In FY22, India's steel consumption was at an all-time high of about 106 mt, while the nation produced a record 120 mt of crude steel, Kulaste said. The sector is increasing at a compound annual growth rate (CAGR) of about 5% to 6% on a year-on-year basis. The minister said that 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 industry across all regions. The engineering sector is closely related to the manufacturing and infrastructure sectors, and manufacturing and infrastructure sectors are of strategic significance to India's economy, and the steel sector is closely related to this sector. Image Source Also read: Steelmakers to invoke force majeure to call for fresh contracts

Next Story
Infrastructure Transport

NHAI to Upgrade Tamil Nadu Highways

To reduce congestion on key national highways in Tamil Nadu, the National Highways Authority of India (NHAI) has planned capacity upgrades for at least eight highway stretches. The improvements will include bypasses, flyovers, and four-laning in Salem, Coimbatore, Tiruppur, Nilgiris, and Cuddalore. NHAI has invited tenders to appoint consultants for preparing detailed project reports (DPRs) on these expansions. The affected highways include NH-181, NH-81, NH-532, NH-85, and NH-136. Proposed Upgrades Across Highways - NH-181 (Coimbatore-Gundlupet Route): This stretch will see four bypasses an..

Next Story
Infrastructure Transport

Ludhiana-Bathinda Highway Revived as NHAI Invites Bids

The Ludhiana-Bathinda highway project, initially stalled due to land acquisition issues, has been revived as the National Highways Authority of India (NHAI) invites fresh bids to resume construction. The project, part of the Ludhiana-Ajmer Economic Corridor, is estimated to cost Rs 24.61 billion and will be executed in two phases. Package 1, covering 30.03 km, has a budget of Rs 9.06 billion, while Package 2, spanning 45.25 km, is set to cost Rs 15.55 billion. The NHAI had previously withdrawn the project due to unavailability of land. However, intervention from Union Minister for Road Trans..

Next Story
Infrastructure Urban

Dilip Buildcon Wins Rs 460M Arbitration

Infrastructure major Dilip Buildcon has secured an arbitration award of Rs 460 million against the National Highways Authority of India (NHAI) over delays and breaches during the execution of a highway project in Karnataka. The dispute pertains to the Rehabilitation and Upgradation of the Kerala Border to Kollegala Section of NH 212, awarded to Dilip Buildcon under an Engineering, Procurement, and Construction (EPC) agreement dated June 6, 2014. The project involved two-lane expansion with paved shoulders and four-lane development under the National Highways Development Project (NHDP) Phase IV..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?