It is reported that Mr Ram Vilas Paswan Minister for Steel, Chemicals and Fertilizers while delivering inaugural address of the India Steel Conclave said that Indian steel industry is on way to emerge as the 3rd largest in the world by 2015 and emphasized the need to implement all expansion programs in a time bound manner.

He said that “The ministry is closely monitoring the major steel investment projects for which an Inter Ministerial Group has been functioning under the Chairmanship of Secretary, Steel since last year. The progresses of public sector steel units are also being closely monitored.”

He added that “By the year 2012, it is estimated that India would have a steel production capacity of 124 million tonnes from the current level of 59 million tonnes. Taking into account the investments in pipeline Indian steel production capacity would be nearly 300 million tonnes by the year 2020.”

Mr Paswan said that “Such a massive investment in the steel sector will involve a number of issues to be sorted out. Steel is a highly capital intensive industry which depends upon allocation of raw material resources, land, water, environmental & forest clearances as sell as development of huge infrastructure. A part of the issues have to be looked into by the state governments concerned. In some of the states even the Rehabilitation and Settlement Policy is not framed. Land acquisition and forest clearances are the two major bottlenecks being faced by most of the Greenfield steel projects. There is also the issue of delay in iron ore mining lease to major steel producers.”