India has to raise its steel production 208 per cent to meet the need for 200 million tonnes by 2020 from the present 65 million tonnes.
This was disclosed at the Fourth India Steel summit in New Delhi on Thursday.
"It is estimated that by 2020, we will need a steel production base of 200 million tonnes as against the existing base of 65 million tonnes," said Sminu Jindal, managing director, Jindal SAW.
Jindal, who is also the chairperson of the Associated Chambers of Commerce and Industry of India (ASSOCHAM), added the industry should come up with indigenous technological solutions to enhance production.
India, which is the fifth largest steel producer in the world, also has one of the largest iron ore reserves but faces a problem of low reserves of coking coal, Jindal said. "It is imperative for Indian steel players to target countries like Australia and Africa for long terms supply and price security."
She also added that India should utilise its coastline and river network to transport around 800 million tonnes of raw materials and finished goods which would be required to step up production to the required level of 200 million tonnes.