Union Cabinet has given nod to a new policy that aims to achieve steelmaking capacity of 300 million tonnes (mt) by 2030 with an additional investment of Rs 10 lakh crore. The Cabinet also approved a policy for use of domestic steel products in government organisations.
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for National Steel Policy (NSP) 2017. The new Steel Policy enshrines 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 NSP 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 & natural gas,
- Facilitating foreign investment
- Asset acquisitions of raw materials &
- Enhancing the domestic steel demand