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India to Adopt New National Steel Policy

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INDIACSR News Network

NEW DELHI: Ministry of Steel, Govt of India is in process to adopt New National Steel Policy. ” In view of changed economic environment, both globally as well as domestically, Ministry of Steel has initiated the process of drafting the New National Steel Policy in place of existing National Steel Policy 2005.” Govt said in the statement.

Indian steel sector is contributing to nearly 2% of the GDP (Gross Domestic Product) and employed over 5 lakh people., Steel Ministry said in the year end review report recently.

India became the 4th largest producer of crude steel in the world in 2010 as against the 8th position in 2003 and is expected to become the 2th largest producer of crude steel in the world by 2015. Going by estimate of Rs.4,000 crore investment per million tonne of additional capacity, intended steel capacity build up in the country is likely to result in an investment of Rs.8,70,640 crore by 2020.

An Apex Committee, headed by Secretary, Ministry of Steel and consisting of representatives of Planning Commission, Ministries/ Departments of Central Government and concerned State Governments has been constituted for monitoring the process of formulation of the New National Steel Policy. Four Task Forces have been constituted under the Chairmanship of eminent experts to study, analyze, consult and formulate draft policy documents in different aspects of the subject.

These task forces are currently in various stages of discussion and consultation with the stakeholders and experts in the industry to identify all the relevant issues and come up with the policy prescriptions. A final view on the New National Steel Policy will be taken on receipt of reports of these Task Forces and after discussions with the various stakeholders in the matter.

The production of finished steel for sale in the country has been consistently higher than the real consumption of steel in the country.  However, a small quantity of import as well as export of various products of steel takes place depending upon the specific requirements of the individual companies. The quantity of import has significantly reduced by about 35.8% during April-September 2011 in comparison to the corresponding period of the previous year.

The figures of real consumption, total production for sale, import and export of finished steel during last three years and the current year are given below:-

Year Total Finished Steel (million tonnes)
Production for sale Import Export Real Consumption
2008-09 57.16 5.84 4.44 52.35
2009-10 60.62 7.38 3.25 59.33
2010-11* 66.01 6.80 3.46 65.61
2011-12(April-September)* 34.86 2.88 2.26 34.03
% change** 9.5 (-) 35.8 53.3 2.8
Source: Joint Plant Committee (JPC ); *  provisional; ** over same period of last year

 

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Posted by on Jan 14 2012. Filed under Economy, Latest News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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