Union Cabinet approves National Steel Policy 2017

Sharing is caring

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

The Policy embodies the vision of the Government to present impetus in to the steel sector.

It seeks to display domestic steel consumption and ensure superior steel production and result in a technologically advanced and globally competitive steel industry.

Key popular features of the National Steel Policy 2017:

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

• Encourage adequate capacity additions

• Healthy globally competitive steel manufacturing capabilities

• Cost-efficient production

• Domestic accessibility to iron ore, coking coal and gas

• Facilitating foreign investment

• Asset acquisitions of raw materials

• Enhancing the domestic steel demand

Key highlights of the Policy:

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

• It seeks to help improve usage of steel and major segments are infrastructure, automobiles and housing. What's more,it seeks to help improve per capita steel consumption to the quality of 160 Kgs by 2030 from existing level close to 60 Kg.

• It stipulates that adoption of energy efficient technologies during the MSME steel sector will be encouraged to elevate the overall productivity and lower energy intensity.

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

• The Union Ministry through policy measures will accessibility to raw materials like iron ore, coking coal and non-coking coal, gas and much more at competitive rates.