Title: India exports 13.5 MT finished steel worth Rs 1 lakh cr in FY22
India exported 13.5 million tonne (MT) of finished steel valuing Rs 1 lakh crore in the last financial year, Minister of Steel Faggan Singh Kulaste has said. According to official data, India's finished steel exports were at 10.78 million tonne in 2020-21.
"India exported 13.5 MT finished steel amounting to Rs 1 lakh crore and imported steel of around Rs 46,000 crore during FY22," Kulaste said at Steel and Engineering Exports organised by Metalogic PMS on Tuesday.
The value of merchandise exports from India was at USD 420 billion, he said.
In FY22, India's steel consumption was at an all-time high of around 106 MT, while the country produced a record 120 MT crude steel, Kulaste said.
The sector is growing at a compound annual growth rate (CAGR) of around 5 to 6 per cent on a year-on-year basis.
"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 sector across all areas.
The engineering sector -- is closely linked to the manufacturing and infrastructure sectors -- is of strategic importance to India's economy, and the steel sector is closely linked to this sector," the minister said.