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Union Cabinet approves National Steel Policy 2017

May 4, 2017 16:38 IST

Union Cabinet approves National Steel PolicyThe Union Cabinet, presided by the Prime Minister Narendra Modi, on 3 May 2017 gave its approval for National Steel Policy (NSP) 2017.

The Policy embodies the long term vision of the Government to give impetus to the steel sector.  

It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry.

Key features of the National Steel Policy 2017:

Create self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs

Encourage adequate capacity additions

Development of globally competitive steel manufacturing capabilities

Cost-efficient production

Domestic availability of iron ore, coking coal and natural gas

Facilitating foreign investment                  

Asset acquisitions of raw materials

Enhancing the domestic steel demand

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Key highlights of the Policy:

The NSP 2017 aims to achieve 300 million tonnes of steel-making capacity by 2030.

It seeks to increase consumption of steel and major segments are infrastructure, automobiles and housing. It also seeks to increase per capita steel consumption to the level of 160 Kgs by 2030 from existing level of around 60 Kg.

It stipulates that adoption of energy efficient technologies in the MSME steel sector will be encouraged to improve the overall productivity and reduce energy intensity.

Steel Ministry will facilitate research and development in the sector through the establishment of Steel Research and Technology Mission of India (SRTMI).

The Union Ministry through policy measures will ensure availability of raw materials like iron ore, coking coal and non-coking coal, natural gas and more at competitive rates.

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Read more Current Affairs on: Nation Steel Policy , NSP 2017 , Steel , Narendra Modi

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