Steel Policy comes into force to enshrine the domestic steel consumption and create competitive steel industry in global market
In a recent Press Information Bureau release dated 3rd May, 2017, we are informed that the Union Cabinet has approved the National Steel Policy, 2017.
The Ministry of Steel had issued the Steel Policy with a view to give impetus to the steel sector.
The Steel Policy aims to enhance domestic steel consumption, ensure high quality steel production and create a technologically advanced and globally competitive steel industry.
The highlights of the Steel Policy are as follows:
- Facilitation of R&D in the steel sector through the establishment of Steel Research and Technology Mission of India (“SRTMI”).
- The SRTMI will spearhead R&D in the iron and steel sector with tripartite help from industry, national R&D laboratories and academic institutes.
- Enactment of various measures to ensure availability of raw materials like iron ore, coking coal and non-coking coal, natural gas etc. at competitive rates.
- Development of globally competitive steel manufacturing capabilities.
- Facilitating foreign investment in steel industry.
Steel being one of main backbone of an industrial economy, it was realized by the Ministry that the untapped potential of steel along with a strong policy support would be an ideal platform for growth of the steel sector in India.
Therefore, the Steel Policy have been issued to chart out a road map for sustained and efficient growth of the Indian steel industry.