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Union Government released Draft National Steel Policy 2017

Jan 24, 2017 14:02 IST

draft steel policy released= Union Ministry of Steel on 20 January 2017 released the Draft National Steel Policy 2017 in New Delhi.

The policy seeks to steer the steel industry to achieve its full potential with a focus on high end value added steel. After the government’s approval, the policy will replace the National Steel Policy 2005.

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The National Steel Policy aims at achieving the following objectives.

• Build a globally competitive industry with a crude steel capacity of 300 metric tonnes by 2030-31.

• Increase per capita steel consumption to 160 Kilograms by 2030-31.

• To domestically meet the entire demand of high grade automotive steel, electrical steel, special steels and alloys for strategic applications by 2030-31.

• Increase domestic availability of washed coking coal so as to reduce import dependence on coking coal to 50 per cent by 2030-31.

• To become a net exporter of steel by 2025-26.

• Encourage industry to produce raw material efficient steel production by 2030-31, in a safe and sustainable manner.

• Develop and implement quality standards for domestic steel products.

National Steel Policy 2017 covers the following policy areas.

• Steel demand

• Steel capacity

• Raw materials

• Land, water and power

• Infrastructure and logistics

• Product quality

• Technological efficiency

• MSME sector

• Value addition in stainless and alloy steel

• Environment management

• Safety

• Trade

• Financial risks

• Role of CPSEs

• Focus on high-end research

Facts related to Steel Industry in India

• In 2015, India was the only large economy in the world, where steel demand continued to demonstrate positive growth at 5.3 %, as against negative growth in China (-5.4%) and Japan (-7.0%).

• India became the 3rd largest producer of steel in 2015 and is now well on track to emerge as the 2nd largest producer after China.

• There is significant potential for growth given the low per capita steel consumption of 61 kilograms in India, as compared to world average of 208 kilograms.

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Read more Current Affairs on: Steel Policy , Indian industry , Ministry of Steel , Indian economy

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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