Union Cabinet approve New National Steel Policy (Download PDF)

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The Union Cabinet approved a new steel policy that visualizes investment of Rs. 10 lakh crore to build more production capacity. The policy aims to increase manufacturing of quality steel in the country boost domestic steel consumption and turn India into a globally competitive steel industry.

Image of the steel industry

Image of the Steel Industry

Image of the steel industry

Key Features:

  • Create self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs
  • Encourage adequate capacity additions
  • Increase of globally competitive steel manufacturing capabilities
  • Cost-efficient production
  • Domestic availability of iron ore, coking coal & natural gas, raw materials
  • Smoothing foreign investment
  • Asset acquisitions
  • Attractive the domestic steel demand.

Highlights of New Steel Policy:

  • India is already the third largest producer of steel globally.
  • The industry contributes around 2 per cent of the country’s GDP.
  • The industry provide employs over 25 lakh people
  • India has also crossed 100 MT mark for production for sale in 2016 - 17.
  • The New Steel Policy, 2017 aims to achieve 300MT of steel-making capacity by 2030.
  • This would translate into additional investment of Rs. 10 lakh Crore by 2030 - 31.
  • The Policy seeks to increase consumption of steel and major segments are

    • Infrastructure
    • Automobiles
    • Housing
  • New Steel Policy expecting to increase per capital steel consumption from the current 60kgs to 160kgs by 2030.
  • Steel Ministry will facilitate R&D in the sector through the establishment of Steel Research and Technology Mission of India (SRTMI).
  • The initiative is aimed to spearhead R&D of national importance in iron & steel sector utilizing tripartite synergy amongst industry, national R&D laboratories and academic institutes.
Image of the Highlights of New Steel Policy

Image of the Highlights of New Steel Policy

Image of the Highlights of New Steel Policy

  • The top three steel producers of the world are
Image of the top three steel producers

Image of the Top Three Steel Producers

Image of the top three steel producers

- Published/Last Modified on: May 15, 2017

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