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Steel import cuts down by 1.72% in 3 yrs

Steel is a deregulated sector and role of the Government is that of a facilitator for creating conducive environment for development of steel sector in the country.

Accordingly, the Government of India notified the National Steel Policy, 2017 which laid down the broad roadmap for encouraging long term growth for the Indian steel industry both on demand and supply sides by 2030-31. The Policy envisages total crude steel production of 255 MT and the total finished steel demand of 230 MT by 2030-31.

Ministry of Steel notified the Steel Scrap Recycling Policy on 7th November, 2019. The policy provides a framework to facilitate and promote establishment of metal scrapping centres in India for scientific processing & recycling of ferrous scrap generated from various sources and a variety of products. The Policy provides standard guidelines for setting up dismantling centre and scrap processing centre, roles of aggregators and responsibilities of the Government, manufacturer and owner. As per the Steel Scrap Recycling Policy, the role of Government is that of a facilitator to create conducive eco-system for the entrepreneurs and investors to establish scrap centres in the country. The decision to set up scrap centres by the entrepreneurs is based on commercial considerations.

This information was given by the Union Minister of State for Steel and Rural Development, Shri Faggan Singh Kulaste, in a written reply in the Lok Sabha today.

Source : PIB

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