Exports should account for 6-7 per cent of India's total steel production in the next few years, up from the 1.5 per cent at present, Union Steel Minister Chaudhary Birender Singh had earlier said.
The import of finished steel too fell by 44.5 per cent to 0.335 MT in January 2018 from 0.604 MT during January 2017.
In spite of a drop in exports number as well as imports, India managed to maintain its position as a net exporter of finished steel.
"India was a net exporter of total finished steel in January 2018 as also during April-January 2017-18," the JPC said.
However, for April-January 2018, the data compiled by the JPC - the only organisation to maintain a record on steel and iron sector -- shows a rise 40.2 per cent at 8.22 MT, as against 5.86 MT of finished steel exported during the same period in the ten-month period a year ago.
The imports of the total finished steel during the 10-month period grew 5.5 per cent to 6.43 MT as against 6.09 MT during the same time in the previous financial year.
Country's production of total finished steel during last month rose by 5.7 to 9.54 MT over January 2017. The production during April-January 2017-18 also jumped 5.3 per cent to 88.59 MT over the same period last year. The overall consumption in January 2018 was at 7.63 MT was up by 6.8 per cent over January 2017.
The per capita steel consumption is about 63 kg, the aim of the government is to take it to 160 kgs by 2030-31.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.