New Delhi [India], September 9 : Union Minister of Commerce and Industry Piyush Goyal has said the government is actively engaging with the steel and allied industries to explore ways to increase iron ore production and ensure competitive prices for domestic consumption.
"We have assessed several areas to increase iron ore production significantly. Increase the export of iron ore and steel with larger volumes of iron ore....being available for domestic consumption at competitive prices," Goyal said on the sideline of the 6th edition of the ISA Steel Conclave, responding to a query on the possibility of reduction in iron ore prices in India.
Asked about a specific production target for iron ore, the minister noted that the government is in the process of forming an advisory group comprising stakeholders from both public sector undertakings (PSUs) and private companies, along with representatives from various ministries.
"We are setting an advisory group and various stakeholders both PSUs and private companies with various ministries involved. They will deliberate and come up with actionable plans and timeframe....," Goyal added.
Production of some key minerals in the country witnessed strong growth in FY 2024-25, after reaching record production levels in FY 2023-24. Iron ore accounts for 70% of the total MCDR mineral production by value. As per provisional data, production of iron ore at 289 million metric ton (MMT) in FY 2024-25 has broken the production record of 277 MMT achieved in FY 2023-24, with a 4.3 per cent growth.
On the India-EU Free Trade Agreement (FTA), Goyal said that negotiations are progressing well.
"I think the chief negotiators are working to converge on different parts of the agreement. Almost 60% of the chapters are completed and finalised. By the time the EU Trade Commissioner and the EU Food Commissioner arrive in India, we will be quite set to try and conclude the agreement substantially," Minister said.
Goyal had said last week that the FTA negotiations between India and the European Union are in an advanced stage.