India exports 13.5 MT of finished steel worth Rs.1 trillion in FY22: minister

India exported 13.5 million tonnes (MT) of finished steel worth Rs 1 lakh crore last fiscal year, Steel Minister Faggan Singh Kulaste said.

According to official data, India’s exports of finished steel amounted to 10.78 million tons in 2020-21.

“India exported 13.5 tons of finished steel worth Rs. 1 billion in FY22 and imported about Rs. 46,000 worth of steel,” Kulaste said on Tuesday at Steel and Engineering Exports organized by Metalogic PMS.

The value of goods exports from India is US$420 billion, he said.

In FY22, India’s steel consumption was at an all-time high of around 106 tons, while the country produced a record 120 tons of crude steel, Kulaste said.

The sector is growing at a compound annual growth rate (CAGR) of around 5 to 6 percent year-on-year.

“Despite the challenges posed by COVID-19, the steel sector has had a record performance in terms of foreign trade, production and consumption. We have the potential to improve in all areas of the steel sector. The engineering sector – closely linked to the manufacturing and infrastructure sectors – is of strategic importance to the Indian economy, and the steel sector is closely linked to this sector,” the minister said.

(Only the headline and image of this report may have been edited by Business Standard contributors; the rest of the content is auto-generated from a syndicated feed.)

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