Today addressing a function, Finance Minister Arun Jaitley said that the nation’s steel sector needs to be strengthened and preserved, as consumption of the product will increase with the Indian economy growing.
Jaitley said that adverse global cues in the steel sector are only a transient trend, and India has the strength to withstand global challenges.
He also said that iron ore mining capacity needs to be expanded to bring down raw material prices.
The challenges and crisis in the sector have to be dealt with appropriate solutions, he said, adding that the sector needs to be revived and its non-performing assets which are locked in with banks need to be activated.
Steel and Mines Minister Narendra Singh Tomar said his ministry is committed to promote steel industry and every step will be taken to boost it.
India is the third largest steel producing country in the world.