India requires Rs 10 lakh crore in private investment to boost steel manufacturing capacity by 120 million tonnes, according to Steel Secretary Sandeep Poundrik. He highlighted concerns over profitability due to excessive dumping, which has depressed international prices, and noted a 41% increase in steel imports in H1FY25. Without significant investment, India risks becoming a net importer of steel by 2030.
The government has announced an increase in royalty rates for offshore minerals, raising the fee for dolomite from Rs 40 to Rs 50 per tonne. Additionally, limestone and lime mud, essential for cement production, will also see a revised royalty rate.
Core sector growth in India rebounded to 2% in September, recovering from a 1.6% contraction the previous month. However, the performance of eight core industries in the first half of the fiscal year was lower at 4.2% compared to 8.2% in H1FY24, with coal output at 2.5% and steel consumption growing by 13.4%.
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