Government takes several measures to boost production and export of steel

NEW DELHI: The Union Minister of State for Steel Sh. Faggan Singh Kulaste in formed the Parliament that Steel is a deregulated sector and the targets for steel production, domestic consumption and export are not set by the Government. The decisions related to steel production, domestic consumptionandexportaretakenby the individual steel producers on the basis of market demand and other commercial considerations. The details of production, consumption and export during the last three yearsandcurrentyearareunder:-

Steps taken by Government of India to increase the production and exportofsteel:

• Production-Linked Incentive (PLI)SchemeforSpecialtySteelwith anoutlayofRs.6,322Croretopromote the manufacturing of specialty steel within the country for domestic use and reduce import by attracting capitalinvestments.

• National Steel Policy in 2017 for providing policy support and guidancetosteelproducers.

• Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting procurement of MadeinIndiaSteelbyGovernment andpublicsectorprojects.

• Steel scrap recycling policy to enhance availability of domesticallygeneratedscrap.