With an aim to transform the country into a global steel leader, both as steel producer and steel consuming nation, the steel ministry will soon seek Cabinet nod for a proposed new national steel policy, which seeks to more than double India’s domestic steel production capacity to 300 million tonnes (mt) by 2030 from the current 126 million tonnes (mt).
The proposed policy focuses on impediments like raw material availability, import dependency, production cost and also seeks to increase focus on expansion of the MSME sector, enhance research and development (R&D) and thus develop a technologically advanced and globally competitive industry that promotes economic growth.
The steel ministry expects that the steel demand will continue to grow this year, given the stress on the infrastructure sector and noted that the country need to increase steel production by 10 per cent, exports by 103 per cent and massively reduce imports this year. The domestic crude steel production grew by 8.5 per cent at 97.38 mt in fiscal 2017, while consumption grew from 81.5 mt to 83.9 mt. Export of finished steel rose 102.1 per cent to 8.244 mt while imports fell 36 per cent to 7.4 mt during the year.