Kolkata: Overtaking imports, India's steel exports jumped by 142 percent in April to 0.747 million tonnes (mt) as compared to 0.308 mt in the same month last year, said a Steel Ministry report.
"Export of total finished steel was up by 142 percent in April 2017 to 0.747 mt over April 2016 and declined by 54 per cent over March 2017. Import of total finished steel at 0.504 mt in April declined by 23 percent over April 2016 and also declined by 16 per cent over March 2017.
"India was a net exporter of total finished steel in April 2017," said the report of Joint Plant Committee.
In April, production for sale of total finished steel at 8.43 mt, registered a growth of 8.7 percent over corresponding month in 2016.
The production was, however, down by 8.6 percent over March 2017.
The rest was 4.478 mt coming from the other producers, which was a growth of 6 per cent, it added.
Meanwhile, the Union Cabinet, earlier this month, gave its approval to the National Steel Policy, 2017 which projects crude steel capacity of 300 million tonnes (mt), production of 255 mt and a robust finished steel per capita consumption of 158 kg by 2030-31, as against the current consumption of 61 kg.
According to the policy, the 300 mt of steel making capacity would translate into additional investment of Rs 10 lakh crore by 2030-31.
"Further, stagnant demand in past five years has impacted utilisation, and also aggravated the debt position of the steel sector," it said.The research agency expects 24-26 mt of steel capacities to be added over the next five years, leading to aggregate steel capacity to rise to 140-145 mt by 2021-22.