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The steel sector was deregulated, delicensed and decontrolled in 1991-92. Thereafter , the market determines production targets and investment decisions in the steel sector. Nonetheless, it has been estimated that in order to become self reliant and globally competitive in the steel sector, the country would require indigenous production of over 100 million tones of steel per annum by 2020 from the 2004 level of 35 million tones.
In order to achieve the goal of over 100 million tones of steel production by 2019-20, it is estimated that the industry would need fresh capital to the tune of Rs.230,000 crore. In addition, funds would also be required for technological up gradation of the existing facilities.
This information was given to Rajya Sabha today by the Minister of Chemicals & Fertilizers and Steel, Shri Ram Vilas Paswan in a written reply to a question by Shri Ravi Shankar Prasad and Shri Raj Mohinder Singh Majitha..
BJ:PM
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