The mission of National Steel Policy (NSP), 2017 is to facilitate a conducive environment for steel production by providing policy support and guidance to steel producers. NSP aims to achieve a steel production capacity of 300 MT by 2030 by enhancing domestic consumption to 160kg by 2030, produce high-quality steel and make the sector globally competitive. In this regard, Government has taken the following steps:-
i.Establishment of a Project Development Cell (PDC) which identifies projects to facilitate new investments, evaluating the pipeline of projects and taking necessary steps to fast-track their implementation.
ii.Notification of Production-Linked Incentive (PLI) Scheme for Specialty Steel with an outlay of Rs. 6,322 Crore to promote the manufacturing of specialty steel within the country.
iii.Participation in events like World Expo held recently in Dubai, interaction of Ministerial delegation with domestic steel users in Japan, Korea, Russia to highlight the expertise of the steel sector in India and showcase an array of investment opportunities as well as business potential in India’s Steel sector.
iv.Make in India initiative and the PM Gati-shakti National Master Plan with further engagement with potential users, including from Railways, Defence, Petroleum and Natural Gas, Housing, Civil Aviation, Road Transport and Highways, Agriculture and Rural Development sectors to enhance the steel usage, overall demand for steel and investment in steel sector in the country.
v. Adjustments in Basic Custom Duty on steel products and raw materials along with calibration of trade remedial measures like Anti-dumping duty (ADD), Countervailing duty (CVD) on certain steel products to enhance competitiveness of India’s steel sector. No budget allocation is being made by the Ministry of Steel for SAIL, NMDC and KIOCL in the FY 2023-24.
