India exports 13.5 mt finished steel worth Rs 1 lakh cr in FY22

28 Apr 2022 CW Team

Minister of Steel Faggan Singh Kulaste told the media that India exported 13.5 million tonnes (mt) of finished steel worth Rs 1 lakh crore in the last fiscal year.

India's finished steel exports were at 10.78 million tonnes in 2020-21, as per the official data.

During FY22, India exported 13.5 mt finished steel valuing Rs 1 lakh crore and imported steel of about Rs 46,000 crore, Kulaste said at Steel and Engineering Exports organised by Metalogic PMS.

The number of merchandise exports from India was $420 billion.

In FY22, India's steel consumption was at an all-time high of about 106 mt, while the nation produced a record 120 mt of crude steel, Kulaste said.

The sector is increasing at a compound annual growth rate (CAGR) of about 5% to 6% on a year-on-year basis.

The minister said that 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 industry across all regions. The engineering sector is closely related to the manufacturing and infrastructure sectors, and manufacturing and infrastructure sectors are of strategic significance to India's economy, and the steel sector is closely related to this sector.

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Also read: Steelmakers to invoke force majeure to call for fresh contracts

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