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Centre to announce new steel policy soon
A new steel policy is on the anvil to facilitate the steel industry in increasing production to 300 million tonnes per annum from the present 81.2 MPTA.
Aims to increase steel production to 300 mn tonnes from presnet 81.2 MPTA
New Delhi: A new steel policy is on the anvil to facilitate the steel industry in increasing production to 300 million tonnes per annum from the present 81.2 MPTA.
"The new policy is likely to focus on capacity addition and address issues related to raw material security, environmental challenges and land acquisition," Minister of State for Steel and Mines Vishnu Deo Sai said here at an event organised by CII. The Minister said that the Indian Steel Industry is set to become the second largest steel making nation in the world by 2016 from the fourth position at present. India's steel sector contributes around 2% to the GDP.
Addressing the Steel Summit 2014 organised by CII, Sai said that discussions are already under way on setting up an eastern corridor to address freight and other logistics issues faced by the industry. "There should also be a national body to supervise and undertake research in the steel sector," he said.
Steel Secretary Rakesh Singh said to encourage greenfield units, discussions were on regarding creation of Special Purpose Vehicles in association with the state governments.
"These SPVs would ensure raw material linkages and clearances for the project, and then be auctioned or sold to the private sector through appropriate mechanisms," he said.
SAIL Chairman C S Verma highlighted the unavailability of raw materials, high cost of logistics, human resource gaps and low R&D spend in the steel sector.
