The minister was speaking at 'All India Induction Furnaces Association Conference (AIIFA) on Strengthening Green Green Steel Production' here.
AIIFA Secretary General Kamal Agarwal enumerated the problems being faced by the sector including lack of financial support from banks, varying power tariffs in states, and non-acceptance of the products by government bodies such as NHAI, CPWD, Railways.
Besides, there is a shortage of scrap which is required for making steel through electric furnace route. Duty on import of scrap is another issue.
Responding to this, Singh said his ministry will take steps to address all issues of the sector which has the potential to create employment for 3 crore people.
"There are certain points which need attention of our ministry and also we can take some with other ministries."
He also urged the industry to work on technology."We are way behind in technology. You will have to think out of the box. The ministry has also announced a competition to encourage innovative ideas."
The minister said he sees potential in the industry in terms of production and job creation and therefore he will provide all support to it.
Steel Secretary Aruna Sharma informed the members of the industry that the duty on nickel has already been removed and the ministry has requested the Revenue Department to remove the duty on ferro-nickel and stainless steel scrap.
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