The draft National Steel Policy has pegged the country's steelmaking
capacity in the range of 244-281 million tonnes by 2025-26.
The policy seeks to replace the existing one that was
formulated in 2005, and suggest ways to create an environment conducive for the
growth of the industry that is plagued by issues such as land acquisition and
raw material scarcity.
“The draft Policy has two projections for country's
steel capacity. Assuming 7 per cent growth in GDP, it has pegged crude steel
capacity production going up to 244 MT and to 281 MT, based on an average
economic growth at eight per cent,” a source in the committee drafting the
new Policy said.
The policy, being finalized by a committee headed by Steel
Secretary, also projects country's steel demand at 202 MT (at seven per cent
GDP growth) and at 233 MT (at 8 per cent GDP growth) by 2025-26, he said.
“The new National Steel Policy will address a number of issues which were
not addressed fully in the existing Policy of 2005 and which have a bearing on
the development of steel industry in the country in the medium and
long term,” said officials.
It will aim to help increase capital inflow, overcome hurdles regarding land
acquisition, assuage concerns about raw material security, spur efficient
utilisation of raw material resources and infrastructure development for the
sector among others.
Steel ministry had directed the committee to take into account the dynamic
shift of the industry over past few years and formulate a new set of
projections, policy guidelines and the action plans not only to meet the
domestic needs, but also to supply value-added quality steel in international
market.
Source: The Economic Times
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