New Delhi, Sep 26(ANI): Union Steel Minister Beni Prasad Verma has said that India has now become the fourth largest producer of crude steel in the world in 2010 as against the eighth position in 2003.
Chairing the meeting of the Parliamentary Consultative Committee attached to his Ministry here today, he said that India is expected to become the second largest producer of crude steel in the world by 2015.
The functioning of Steel Authority of India Limited (SAIL) was the agenda of the meeting.
Verma has said that India also maintained its lead position as the world's largest producer of direct reduced iron (DRI) or sponge iron.
He said that the steel sector contributes to nearly two percent of the GDP and employs over five lakh people.
The per capita steel consumption during the last six years has risen from 38 kg in 2005-06 to 55 kg in 2010-11.
The Minister hoped that in the next five years, demand of steel is likely to grow at a higher annual average growth of over 10 percent as compared to the average annual growth of eight percent achieved between 1991-92 and 2010-11. (ANI)
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