India is expected to edge past the US with regard to steel consumption this year, Steel Minister Chaudhary Birender Singh said on Tuesday.

Addressing the fourth edition of India Steel 2019, the minister said, "Growth trend in steel consumption in India will continue, due to strong manufacturing sector, diversified demand demographics, accelerated expenditure on infrastructure, anticipated increase in GDP and strong focus on 'Make in India'."

"We are likely to leave behind US in terms of steel consumption this year," Singh said. A budget of around Rs 6 lakh crore was allocated for infrastructure development in the current financial year, he noted.

"So, based on these enabling factors and with huge potential yet to be tapped, the per capita consumption can easily be increased from the current levels," he added.

Steel Secretary Binoy Kumar said that the National Steel Policy 2017 along with the Policy for Preference to Domestically Manufactured Iron & Steel Products have resulted in savings of more than Rs 8,000 crore till date.

Underlining the importance of not showing any disadvantage to the sector, he added that the government was also reviewing the DMI&SP policy and trying to find convergence between DMI&SP policy and Public Procurement Order 2017 of DIPP.

"Under the ambit of the policy, 16 more steel products were brought under Quality Control Order, which now covers a total of 53 products. The endeavour is to bring more products under the Quality Control Order in an effort towards prohibiting production, import and distribution of substandard products," he added.

Courtesy : MoneyControl