GS-3, Indian Economy, Uncategorized

Cabinet approves National Steel Policy 2017

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:

  1. Create self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs
  2. Encourage adequate capacity additions,
  3. Development of globally competitive steel manufacturing capabilities,
  4. Cost-efficient production
  5. Domestic availability of iron ore, coking coal & natural gas,
  6. Facilitating foreign investment
  7. Asset acquisitions of raw materials &
  8. Enhancing the domestic steel demand.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s