Government has taken a number of steps to help the Steel Industry become Self-Reliant
The steel sector plays a crucial role in the growth of the country, as it is vital for construction, infrastructure, automobiles, engineering, and defence. Steel is a deregulated sector and the decisions related to steel production, domestic consumption and export are taken by the individual steel producers on the basis of market demand and other commercial considerations. However, the Government has taken the following steps in the last three (3) years to help the steel industry become self-reliant: –
Notification of Steel Quality Control Orders to prevent the manufacturing and import of non-standardized steel and to make available quality steel products to the public at large.
Production Linked Incentive (PLI) Scheme for specialty steel to promote the manufacturing of ‘Specialty Steel’ within the country.
Adjustments in Basic Customs Duty on steel products and raw materials along with calibration of trade remedial measures like Anti-dumping duty (ADD) and countervailing duty (CVD) on certain steel products to enhance the competitiveness of India’s steel sector.
Engagement with potential users like Railways, Defence, Petroleum and Natural Gas, Housing, Civil Aviation, Road Transport and Highways, Agriculture and Rural Development sectors to enhance the steel usage in the infrastructure, housing & manufacturing sectors and boost overall demand for steel in the country.
Engagement with various stakeholders including industry associations and leaders of the domestic steel industry to address their issues by the concerned Ministries/ Departments of the Central Government and State Governments.
Further, the following steps were also taken to ensure the country becomes self-reliant in steel production:
National Steel Policy- 2017 for providing policy support and guidance to steel producers.
Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for Promoting procurement of made-in-India Steel by government and public sector projects.
Notification of Steel Scrap Recycling Policy to enhance the availability of domestically generated scrap.