"So far India was the 4th largest steel producer in the world only after China, Japan and the US. However, during the first five months of this calendar year, India has achieved the 3rd position in the global steel production," Tomar added.

Addressing a meeting of the Parliamentary Consultative Committee, attached to his Ministry, in Bengaluru, Karnataka, the Minister said Indian steel industry is growing at a reasonably good pace and last year the growth in crude steel production in India was more than 8 percent.

"However, per capita steel consumption is quite low, 60 kg as against the world average of 216 kg. The low consumption no doubt indicates huge growth potential for Indian steel industry. India has fixed a target of 300 MT production capacity by 2025 and the Steel Ministry is working out action plan and strategies to achieve this target," he cited as per an official statement issued here.

Indian steel industry is already in expansion mode. The older steel plants are being modernised and expanded. New green field plants are also coming with state-of-the-art technologies.

He told the members that recently Prime Minister Narendra Modi had dedicated the India's largest Blast Furnace of 4160 cubic meter, installed at SAIL's IISCO Steel plant at Burnpur and several Blast Furnaces of around 4000 cubic meter with world class efficiency parameters are in the operation in the country.

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