India’s crude steel production crossed the 100 million tonnes(mt) with a growth of 6.18 percent during last year. The government has taken various remedial measures to promote domestic steel sector which amongst others include trade measures such as anti dumping duties, safeguard duties and temporary introduction of Minimum Import Price; notified Quality Control Order thereby making BIS standards mandatory for all steel products and imports; notified the 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 National Steel Policy, 2017 envisages a crude steel capacity of 300 MT by 2030-31.
The salient features of the National Steel Policy, 2017 are:
- The National Steel Policy, 2017 aspires to achieve 300 MT of steelmaking capacity by 2030. This would translate into additional investment of Rs.10 lakh Crore and 1.1 million additional workforce getting employed in the steel sector by 2030-31.
- The policy seeks to increase consumption of steel and major segments are infrastructure, automobiles and housing.
- National Steel Policy, 2017 seeks to increase per capita steel consumption to the level of 160 Kg by 2030-31 from the level of around 61 KG.
- Policy stipulates that adoption of energy efficient technologies by small steel producers will be encouraged to improve the overall productivity & reduce energy intensity.