Steel industry owes Rs 3,00,000 crore to banks – Feedback

The steel industry has outstanding loans of around Rs 3 lakh crore in various banks, thus making the sector one of the largest contributors to non-performing assets (NPA) in the country.

Steel Minister Birender Singh said in Lok Sabha that efforts are on by banks and Reserve Bank of India to restructure the loans given to the steel industry so that the loans could be recovered. “Yes, it is true that the steel industry has an outstanding loan of around Rs 3,00,000 crore,” he said while responding to Congress member Jyotiraditya Scindia’s comment that the steel sector was one of the largest contributors to NPA in the country. 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 said during Question Hour that China has produced 25 to 30 per cent more steel than its domestic consumption and the country has been trying to export steel to India where its demand is growing.

http://www.businesstoday.in/sectors/banks/steel-industry-owes-rs-300000-crore-to-banks/story/235650.html

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