DMISP policy: Steel imports worth 20,000 cr saved
The country has avoided steel imports worth over Rs 20,000 crore following DMISP policy since its launch in 2017, Union Steel Minister Dharmendra Pradhan said on Monday.
New Delhi: The country has avoided steel imports worth over Rs 20,000 crore following DMISP policy since its launch in 2017, Union Steel Minister Dharmendra Pradhan said on Monday.
In 2017, the government launched the National Steel Policy (NSP) with an aim to scale up India's steel making capacity to 300 million tonnes by 2030 with an additional investment of Rs 10 lakh crore.
The government also rolled out the domestically manufactured iron and steel products policy (DMISP) policy to boost the use of domestic steel products in government organisations.
"From a small capacity of 22 million tonne (MT) in FY 1991-92, India has now become the second largest steel producer in the world with a production of 111 MT in 2019, surpassing Japan and the US. Through the DMISP Policy, we are giving a boost to domestic sourcing of iron and steel products by central government organisations by mandating preference. Through this DMISP Policy, steel imports worth over Rs 20,000 crore have so far been avoided," Pradhan said.
The Minister also said the government's thrust on infrastructure development will have a positive bearing on driving steel consumption in the country.