India`s foreign exchange market has grown to become the world`s fourth largest. 

 

 

♦ India`s foreign exchange reserves have surpassed Russia`s and are now the world`s fourth highest. 

♦ Due to a small current account surplus, funds pouring into the local stock market, and a rise in foreign direct investment, India`s reserves are sufficient to finance approximately 18 months of imports. 

♦ India`s foreign currency reserves dropped by US$4.3 billion to US$580.3 billion as of March 5. 

♦ On the International Monetary Fund (IMF) table, China has the most foreign exchange reserves, followed by Japan and Switzerland.

 

The Minister of Steel stated in his written response to the Rajya Sabha that India`s per capita steel consumption is 74.7 kg, compared to the world average of 229 kg in 2019-20. 

 

 

♦ The 2017 "National Steel Policy" aims to increase India`s steel production potential to 300 tonnes by 2030. 

♦ It has a long-term goal of increasing domestic demand, producing high-quality steel, and making the industry more competitive globally. 

 

 

♦ By 2030-31, raise crude steel output capacity to 300 tonnes. 

♦ Steel consumption per capita will grow to 160 kg by 2030-31. 

♦ Domestic production of strategically used high-end automotive steel, unique steel and alloys, and electrical steel will reach all demands by 2030-31. 

♦ By 2025-26, becoming a net exporter of steel. 

♦ Increase the domestic supply of washed coking coal to 50 percent by 2030-31, reducing reliance on imported coking coal. 

♦ Quality requirements for domestic steel products should be developed and enforced. 

♦ Assist the industry in becoming a world leader in energy and raw material productive steel production by 2030-31.