Govt. targets Rs.10 lakh-cr in steel sector

    steel sector
    In a bid to boost domestic production of steel under the Make in India drive, the Union cabinet recently approved the National Steel Policy 2017, which focused on extending preference for domestically produced steel in government tenders, Finance Minister Arun Jaitley said, adding that the country already has surplus production of steel and now the challenge is to boost consumption of steel produced in the country. The National Steel Policy is to achieve the target of 300 million tons steel-making capacity by 2030 and it will entail an additional investment of Rs.10 lakh crore by 2030-2031. The target is to increase per capita steel consumption to the level of 160 kg by 2030, from the existing level of around 60 kg. The policy aims at self-sufficiency in steel production by providing policy support and guidance to private manufacturers, MSME steel producers and CPSEs. It also aims to develop globally competitive steel manufacturing capabilities, cost-efficient production and better domestic availability of iron ore, coking coal and natural gas.
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