New Delhi, May 5 (KNN) The Union Ministry of Steel rolled out the New Steel Policy 2017. With focus on various sectors, the Ministry has recognized the steel MSMEs with huge potential for the steel manufacturing in the country. 

The New Policy has a clause that aims to facilitate adoption of energy efficient technologies in the MSMEs to improve the overall productivity and reduce the energy intensity.

During a press briefing, Union Steel Minister Chaudhary Birender Singh explained the key points of the policy. Aruna Sharma, Steel Secretary was also present during the briefing

The New policy aims at 360 degree approach to the industry, keeping in consideration the need to reduce input costs, replacement of imports with Make in India steel and steel products, bringing down the cost of production and entertain the FDI in steel to further boos Made in India.

The Minister said that appropriate research along the line will help realise the targeted goals. The Research and Development will be carried out through the Steel Research and Technology Mission of India (SRTMI).

Another important initiative under the policy is to ensure constant and steady supply of raw materials like iron ore, coking coal and non-coking coal, natural gas, etc. at best rates.

The Minister also expressed hopes that the New Policy will help the domestic steel industry grow substantially with unbeatable standards at the International level after the strict implementation of the BIS.

To promote the domestically manufacturing, the policy mandates giving preference to domestically produced Iron and Steel products in Government Procurement, this is applicable on all government tenders, even on the tenders in which price bid is yet to be opened

Under the new policy, the Ministry has identified construction and manufacturing sectors like Rural Development, Smart City projects etc. as key focus areas. The Ministry will invest efforts to achieve lower lifecycle costing, usage of steel intensive structures and designs, steel bridges with special emphasis on using ‘Made in India ‘steel. This will help a win-win situation for both the construction as well as the steel industry.

The new policy also talks about reducing the Carbon foot print from the industry. (KNN/ DA)