National Steel Policy to provide support & guidance to pvt mfgs, MSME steel producers, CPSEs

New Delhi, May 4 (KNN) The National Steel Policy (NSP) 2017, which has been approved by the Union Cabinet yesterday, aims towards creating self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs.

The Cabinet release said, “Potential of MSME steel sector has been recognised. Policy stipulates that adoption of energy efficient technologies in the MSME steel sector will be encouraged to improve the overall productivity & reduce energy intensity.”

NSP 2017 will encourage adequate capacity additions and help in development of globally competitive steel manufacturing capabilities.

It would help in cost-efficient production and facilitate foreign investment                  

The other key features of the NSP 2017 include - Domestic availability of iron ore, coking coal & natural gas; Asset acquisitions of raw materials; & Enhancing the domestic steel demand.

The policy projects crude steel capacity of 300 million tonnes (MT), production of 255 MT and a robust finished steel per capita consumption of 158 Kgs by 2030- 31, as against the current consumption of 61 Kgs.

The policy also envisages to domestically meet the entire demand of high grade automotive steel, electrical steel, special steels and alloys for strategic applications and increase domestic availability of washed coking coal so as to reduce import dependence on coking coal from about 85% to around 65% by 2030-31.

Steel Ministry will facilitate R&D in the sector through the establishment of Steel Research and Technology Mission of India (SRTMI). The initiative is aimed to spearhead R&D of national importance in iron & steel sector utilizing tripartite synergy amongst industry, national R&D laboratories and academic institutes.

Ministry through policy measures will ensure availability of raw materials like Iron ore, Coking coal and non-coking coal, Natural gas etc at competitive rates.

With the roll out of the National Steel Policy-2017, it is envisaged that the industry will be steered in creating an environment for promoting domestic steel and thereby ensuring a scenario where production meets the anticipated pace of growth in consumption, through a technologically advanced and globally competitive steel industry. This will be facilitated by Ministry of Steel, in coordination with relevant Ministries, as may be required. (KNN Bureau)