PIB News Update:Market dynamics including international developments such as imposition of limits on adding new steel capacity in key areas and measures like increase in the export tariff, scrapping export tax rebates on steel products are also kept in view by individual steel manufacturing companies while taking various business decisions. Steel being a deregulated sector, the role of the Government is that of a facilitator. The Government has taken the following steps to enhance steel production in the country:-
- Notification of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting procurement of Made in India steel.
- Notification of Steel Scrap Recycling Policy to enhance the availability of domestically generated scrap.
- Issuance of Steel Quality Control Orders to stop manufacturing and import of non-standardized steel.
- Notification of Steel Import Monitoring System (SIMS) for advanced registration of steel imports.
- Notification of Production-Linked Incentive (PLI) Scheme for Specialty Steel with an outlay of ₹6,322 crores.
- Engagement with various stakeholders including industry associations and leaders of domestic steel industry to address their issues by the concerned Ministries/Departments of the Central Government and State Governments.
- Engagement with relevant stakeholders 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 and overall demand for steel in the country.
- Establishment of Project Development Cell in the Ministry to attract and facilitate investment in the steel sector.
The total steel production capacity of the country as on June 30, 2021 is 143.91 million tonnes.
This information was given by the Union Minister for Steel Shri Ram Chandra Prasad Singh in a written reply in the Lok Sabha today.