~Reaffirms dedication to propel industrial growth in Bihar~
Mumbai/Muzaffarpur,3 August 2022: Bihar has always relied on agriculture as its major source of employment and revenue. 80% of the population is employed in agricultural production which is much higher than the national average. It is the fourth largest producer of vegetables and the eight largest producers of fruits in India. The State’s GSDP at current prices is expected to be Rs. 7.45 trillion (US$ 97.39 billion) in 2022-23. However, there is still a lot of scope in large-scale industrial initiatives. The Government of Bihar has been taking several initiatives to bring in industrialization in the state. From hosting investor summits to partnering with banks to boost the MSME sector and developing infrastructure in the State in terms of roadways, bridges and building Bihar’s first intermodal inland waterways cargo terminal – the Government has been taking steps in the right direction to take Bihar’s industrial landscape to the next step. In light of these developments, Ganesh Super TMT, the state’s only listed TMT enterprise, has planned an expansion of its production capacity to 25000 MT. The new facility will be located in Muzaffarpur district.
Speaking on the company’s expansion plan, Shri Ashok Kumar Bajoria, Managing Director, Ganesh Foundry and Casting Limited said, “Ganesh TMT has been contributing to the growth of Bihar for 35 years. Being one of the pioneering TMT companies of the State, we want to support the Government’s efforts of bringing in industrial growth in the State. Our production capacity expansion will help us meet rising demands from our patrons. This will also help create employment. Being equal stakeholders in the development of Bihar, Ganesh TMT intends to contribute effectively towards the State’s socio-economic welfare.”
The growing demand for steel all over the world is anticipated to boost the TMT steel bar market by 2028. his is poised to reach USD 23.58 billion by the year 2028, growing at a CAGR of 9.5%. Steel demand in India might reach 170 MTPA by 2024-25, and 300 MTPA by 2030. India is presently the world’s second largest steel manufacturer. The Union Steel Ministry predicts that India’s steel output would double in the next decade, rising from 120 million tonnes to 240 million tonnes. The Government has waived customs duty on the import of some raw materials used by the steel industry, a move which will lower the cost for the domestic industry and reduce the prices. Also, to increase domestic availability, the duty on exports of iron ore has been hiked up to 50 per cent, and a few steel intermediaries to 15 per cent, according to a notification. This has given the industry a much-needed boost, thereby, encouraging steel and TMT companies to expand their operations.
Ganesh Super TMT bars are distinguished by their high tensile strength. Due to their increased flexibility and improved characteristics, the TMT bars provide a secure grasp that can withstand severe calamity and provide protection. Ganesh Super is the ideal combination of flexibility and strength, outperforming all competitors in terms of quality. The greatest degree of quality is maintained in the products and services owing to meticulous attention to detail at every stage of the manufacturing or delivery process.