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.


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