The Indian steel sector has grown exponentially over the past few years to be the third largest producer of steel globally, contributing to about 2% of the country’s GDP and employing about 5 lakh people directly and about 20 lakh people indirectly.
Key features of the National Steel Policy 2017:
- Create self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs
- Encourage adequate capacity additions,
- Development of globally competitive steel manufacturing capabilities,
- Cost-efficient production
- Domestic availability of iron ore, coking coal & natural gas,
- Facilitating foreign investment
- Asset acquisitions of raw materials &
- Enhancing the domestic steel demand.