India Saved Rs-5,000 Cr Forex Post New Steel Policy

The rollout of new steel policy saved forex of Rs 5,000 crore since last year while around 24 million tonnes of crude steel capacity was added during past four years. India also replaced Japan as the second largest steel producer this year, Steel Secretary Aruna Sharma said. Steel production capacity has increased from 110 MT in 2014-15 to 134 MT in 2017-18, while 7 MT was added in 2017 alone. Indian steel sector has been growing at a compounded annual growth rate (CAGR) of about 5 per cent over the past four years on account of improvement in the overall capacity utilisation, she outlined. A number of PSUs including Steel Authority of India Ltd (SAIL) turned profitable, she said. Prime Minister Narendra Modi inaugurated a steel processing unit of SAIL in Kandrori near Bilaspur, Himachal Pradesh in October last year where high-end special steel TMT bars will be produced. "Imposition of minimum import price, anti-dumping duties, safeguard duty and countervailing duty resulted in curbing unabated exports and unfair trade practices like predatory pricing by other countries. To decrease import and making of substandard steel items in India and to provide a level playing to small players vis-a-vis bigger players, more than 80 per cent steel products have been brought under quality control orders by notifying 37 steel and steel products under BIS Act," she added.