The government has taken various remedial measures to promote domestic steel sector. Image source: PTI
India’s crude steel production crossed the 100 million tonnes (MT), a growth of 6.18% during the previous year (calendar year 2017), a ministry statement said.
The National Steel Policy, 2017 envisages a crude steel capacity of 300 MT by 2030-31.
This would translate into an additional investment of Rs 10 lakh crore and 1.1 million additional employment in the steel sector by 2030-31, Ministry of Steel said in a statement.
The government has taken various remedial measures to promote domestic steel sector, which among others include trade measures such as anti-dumping duties, safeguard duties and the temporary introduction of Minimum Import Price, it said.
"The ministry notified quality control order making BIS standards mandatory for all steel products and imports and notified a policy on domestically manufactured iron and steel products in government procurement which facilitates domestic value addition; and notified National Steel Policy, 2017 with a view to encourage long-term growth of domestic steel sector," the statement said.
The policy seeks to increase consumption of steel and major segments are infrastructure, automobiles and housing.
The National Steel Policy 2017 also seeks to increase per capita steel consumption to the level of 160 Kg by 2030-31 from the level of around 61 kg.
The policy stipulates that adoption of energy efficient technologies by small steel producers will be encouraged to improve the overall productivity and reduce energy intensity.
By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
