Mumbai, Apr 24 (PTI) RPG Group Vice-Chairman Anant Goenka on Thursday said it is essential to address certain challenges like financing of capacity augmentation, dumping, among others, to support the growth of the steel sector amid the green transition.

"The steel industry today serves as a critical catalyst for advancing multiple national priorities. Its growth generates a multiplier effect on manufacturing, industrial and economic growth," Goenka, who is also the senior vice-president of the industry body Ficci, said here at a Steel India 2025 event.

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The three-day event, which started here on Thursday, is being attended by several Union ministers, ministers from various states, besides industry leaders from across the world as well as senior steel ministry officials, among others.

"To support the growth of the steel industry, it is essential to address certain challenges like financing of capacity augmentation, dumping, cost competitiveness and regulatory pressure around decarbonization as we transition to green steel," Goenka said in his address.

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Union Secretary Secretary Sandeep Poundrik highlighted the importance of the Indian steel industry and said, "For the last four years, India has been growing in double digits, perhaps the only major economy which is growing at such a rate."

"We will continue to grow for the foreseeable future," he said.

Edwin Basson, Director General, World Steel Association, said, "India is the second largest steel producer and user, which means what happens here in India is important on a global basis and is also important for the global steel industry. It is indicative of India's status as a developing economy. Steel industry is an enabling industry, for every USD 1 of income generated in the steel industry, there is another USD 5 generated elsewhere in the economic system."

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