Union Minister attributes slowdown in steel sector to rains & elections

Indore: The Union Minister of State for steel Faggan Singh Kulaste has seemingly found out the reason for the slowdown in the steel sector. The minister has said, "Heavy rains for four months this year and the Lok Sabha elections in April-May are likely causes of a slowdown in the country's steel sector". Kulaste was speaking to reporters in Indore on Sunday.

Kulaste said the slowdown in the steel sector was a matter of concern and the Centre was taking all steps to tide over it.

"After discussions, what I have understood as the reason for the steel slowdown is that heavy rains for four months affected demand. All operations in the steel sector remain almost shut during rains," he told reporters in Indore.

"After discussions, what I have understood as the reason for the steel slowdown is that heavy rains for four months affected demand. All operations in the steel sector remain almost shut during rains,"- Faggan Singh Kulaste, Union Minister of State for steel

"Earlier there was Lok Sabha polls. The entire country was engaged in it for two-and-half months.
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Heavy rain started subsequently. All these caused difficulties in the steel industry," he claimed.

The MoS Steel said annual steel production was 106 million tonnes and the target was to increase it to 300 million tonnes by 2030.

When the minister was asked about the absence of Central ministers from the investors' summit held in Indore on October 18 by the Congress-led Madhya Pradesh government, Kulaste said he was not spoken to about it by the latter.

"I belong to Madhya Pradesh. The state government did not talk to me about this. In such a situation, what can I comment," the Lok Sabha MP from Mandla said.