Reviving Vizag Steel: A New Era for Indian Steel Industry

Union Steel Minister H D Kumaraswamy pledges support to Vizag Steel Plant with a revival package worth Rs 11,440 crore. The initiative aims to bolster India's steel sector to achieve 7.3 million tonnes of production annually, aligning with PM Modi's vision for 300 MTPA by 2030.

Union Steel Minister H D Kumaraswamy has committed full support for the revival of Rashtriya Ispat Nigam Ltd (RINL), better known as Vizag Steel Plant. During his visit, he emphasized the new era for the steel industry initiated by an Rs 11,440 crore revival package.

Kumaraswamy engaged with employees and officials at the plant, highlighting the target of achieving 7.3 million tonnes in annual production. This strategic move is seen as integral to India's broader steel production goal of reaching 300 million tonnes per annum by 2030, a vision set forth by Prime Minister Modi.

The Minister pointed out that while the plant's operations were stable until 2013-14, fiscal challenges began with the decision to expand production, currently resulting in a debt of Rs 35,000 crore. The revival package aims to reverse this trend, contributing to the growth of both Andhra Pradesh and the national steel sector.

(With inputs from agencies.)