STRENGTHENING OF STEEL INDUSTRY
STRENGTHENING OF STEEL INDUSTRY
Steel is a de-regulated sector and the government acts as a facilitator by creating a conducive policy environment for the development of the steel sector. The Government has taken several measures to strengthen Steel Industry to face global competition such as:-
This information given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.
- Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting ‘Made in India’ steel for Government procurement.
- Launch of the Production Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of ‘Specialty Steel’ within the country and reduce imports by attracting capital investments.
- Thrust in the Union Budget to infrastructure expansion which has contributed to increasing steel consumption.
- Calibration in Basic Customs Duty on Ferro Nickel and ferrous scrap imports to reduce input costs.
- Revamping Steel Import Monitoring System (SIMS) for monitoring of imports to provide granular details on imports to the domestic steel industry.
- Introduction of Steel Quality Control Orders thereby banning sub-standard/ defective steel products in the domestic market as well as imports to ensure the availability of quality steel to the industry, users, and public at large.