Centre targets 300 mn steel production
The government aspires to enhance the country’s steel production capacity to 300 million tonnes (mt) by 2030-31 from around 125 mt now with a projected investment of R10 lakh crore even as it, in the draft New Steel Policy (NSP), admits that capital mobilisation will be a challenging task given the enormity of required fund and the current industry situation. The proposed NSP 2017, which has been put out on the steel ministry’s website for public comments, also intends to domestically meet entire demand of high grade automotive steel, electrical steel, special steels and alloys for strategic applications by 2030-31 and be a net exporter of the alloy by 2025-26. Presently, these products constitute the bulk of the imports that stood at 11.7 mt last fiscal. “The NSP 2005 sought to indicate ways and means of consolidating the gains flowing out of the then economic order and charted out a road map for sustained and efficient growth of the Indian steel industry. However, the unfolded developments in India as also worldwide, both on the demand and supply sides of the steel market, have warranted a relook at the different elements of the NSP 2005,” the ministry said justifying the need to give the policy a relook.
Tags : ALLIED