Govt Taking Steps to Encourage Long-Term Growth in Indian Steel Industry

Steel is a deregulated sector and the role of the Government is that of a facilitator for creating a conducive environment for the development of steel sector in the country.

Policy support by the government to the steel

The Government of India notified the National Steel Policy, 2017 which has laid down the broad roadmap for encouraging long term growth for the Indian steel industry, both on demand and supply sides by 2030-31. The Policy projects total crude steel production of 255 MT and the total finished steel demand of 230 MT by 2030-31.

Towards Aatmanirbharta in Steel Scrap sector

Ministry of Steel has also notified the Steel Scrap Recycling Policy on 7th November, 2019. The policy provides a framework to facilitate and promote establishment of metal scrapping centres in India for scientific processing & recycling of ferrous scrap generated from various sources and a variety of products. The Policy provides standard guidelines for setting up dismantling centres & scrap processing centres, roles of aggregators and responsibilities of the government, manufacturer and owner. As per the Steel Scrap Recycling Policy, the role of Government is that of a facilitator to create conducive eco-system for the entrepreneurs and investors to establish scrap centres in the country. The decision to set up scrap centres by the entrepreneurs is based on commercial considerations.

The details of country’s import of scrapped steel during the last three years are given below:-