Investment and Export in Steel Sector

APRIL 6,2022. (BHARAT (Manu) Kapoor)

The Government has taken following measures for increasing investment and export in the steel sector:-

i. Notification of the following policies having impact on investment and export in the steel sector:-
National Steel Policy 2017 which envisages inter-alia domestically meeting the entire demand of steel and high-grade automotive steel, electrical steel, special steel and alloys for strategic applications.
Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting procurement of Made in India steel.
Steel Scrap Recycling Policy to enhance the availability of domestically generated scrap for making steel at competitive prices.
Steel Import Monitoring System (SIMS) in order to enhance production through disseminating advance information regarding grades of the imports for enhancing investment and import substitution.
Production-Linked Incentive (PLI) Scheme for Specialty Steel with an outlay of ₹ 6,322 Crore to promote the manufacturing of specialty steel within the country for domestic use and export by attracting Capital investments.
Establishment of Project Development Cell in the Ministry to attract and facilitate investment in the steel sector.
‘Make in India’ initiative and the PM Gati Shakti National Master Plan, with further engagement with potential users, including from Railways, Defence, Petroleum and Natural Gas, Housing, Civil Aviation, Road Transport and Highways, Agriculture and Rural Development sectors to enhance the steel usage, overall demand for steel and investment in steel sector in the country.
Adjustments in basic custom duty on steel products and trade remedial measures like Anti-dumping duty (ADD), Countervailing duty (CVD) on certain raw materials and steel products to enhance competitiveness of India’s steel sector.
Other measures to improve Ease of Doing Business and Reducing Compliance burden, Market Access Initiatives (MAI), Startup India initiative etc. to help domestic industry in capacity creation, providing level playing field and creating a conducive business environment to attract investments and promote exports.
This information was given by the Union Minister for Steel Shri Ram Chandra Prasad Singh in a written reply in the Lok Sabha today.