Steel Industry Needs To Repay Rs 3 Lakh Crore To Banks: Min

Posted By: Staff
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The Indian Government has said that the steel industry has outstanding loans of around Rs three lakh crore in various banks, thus making the sector one of the largest contributors to non-performing assets (NPA) in the country.

Steel Industry Needs To Repay Rs 3 Lakh Crore To Banks: Min
Commenting on the issue, Steel Minister Birender Singh told the Lok Sabha that efforts were on by banks and Reserve Bank of India to restructure the loans given to the steel industry so that the loans could be recovered.

Expressing concern over the prevailing situation in the steel industry, Singh said the government was making efforts to revive the industry so that the steel companies repay the loans.

The Minister further added that Indian steel industry was presently passing through a severe downturn, due to global overcapacity, resulting in major steel producing countries selling their products in India at prices often lower than their cost of production.

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