Mumbai : In order to support domestic steel industry, the Government proposes to revisit the existing national steel policy which is at conceptual stage. Based on the decision taken in the meeting of high level committee on manufacturing held to achieve the ambitious target of 300 Million Tonne Per Annum (MTPA) steel production capacity by 2025, a concept of Special Purpose Vehicle (SPV) was enunciated.
Due to the global glut and surge in the import prices of steel has adversely affected the domestic steel industry which resulted in erosion of profits of domestic steel companies and increase in their Non- Performing Assets (NPAs), making it difficult for the industry to grow. The Minister of State for Steel, Vishnu Deo Sai gave this information in reply to a question in the Lok Sabha on Monday.
The steps taken to support the industry include ensuring only quality steel is produced and imported; to streamline grant of mining leases in order to maintain sufficient availability of raw materials for various sectors including steel sector; to provide level playing field to the domestic steel producers, Government has imposed Minimum Import Price (MIP) on 66 steel products; hiked import duty on ingots and billets, alloy steel (flat & long), stainless steel (long) and non-alloy long products and many such initiatives.