India

Cabinet approves National Steel Policy 2017 to make India self-sufficient in steel production

Cabinet approves National Steel Policy 2017 to make India self-sufficient in steel production
Written by Pallavi Parmar

Union Cabinet has given its approval for National Steel Policy (NSP) 2017. Which aspires to achieve 300MT of steel-making capacity by 2030. They approved a new steel policy that envisions investment of Rs 10 lakh crore to build more production capacity. The policy has planned for a steel demand of about 230 million tonne by 2030-31. This new Steel Policy mandates to give preference to domestically manufactured iron & steel products (DMI&SP) and will be applicable on all government tenders where price bid is yet to be opened.

This will advocate the use of eco-friendly technology to create a sustainable and healthy steel industry. This policy provides a minimum value addition of 15 per cent in notified steel products that are covered under preferential procurement. A major part of that new steel demand is expected to come from affordable housing, expansion of railway networks, development of domestic shipbuilding industry, opening up of defence sector for private participation and an anticipated growth in automobiles. This policy envisages to create a globally competitive steel industry that promotes inter-social growth and will. It provides appropriate policy support in creating an environment for promoting domestic steel. This will ensure a scenario where production meets the anticipated pace of growth in consumption. this policy will create a technologically advanced steel industry that is self-sustainable and environment-friendly.

National steel policy promotes usage of renewable energy for steel making and encourages better management of solid waste generation. This will increase the proportion of Gas based capacity in the overall mix and can evaluate the market for the commercial sale of SMS slag and fly ash. The way forward strategy of National Steel Policy is to improve energy and environment scenario of steel plants through forums. this policy will reduce import dependence on coking coal to 65% by 2030-31. This will helps to attain global standards in industrial safety and health.

Union minister of steel Birender Singh thanked PM Narendra Modi and Cabinet for their support and he said that National Steel Policy will usher Indian steel industry towards self-sufficiency.

About the author

Pallavi Parmar

Journalism is my profession, Blogging and Writing are my passion, Travelling is my love, Food is my life and Feminist by nature.