Policy to promote steel products made domestically

The Dollar Business Bureau 

The Government has approved a Policy for providing preference to domestically manufactured iron & steel products (DMI&SP Policy) in government departments, agencies, ministries which comes into effect from May 8, 2017. 

The policy mandates that all government bodies, offices, ministries, agencies etc should procure domestically manufactured steel products, in which a minimum value addition of 15% has taken place locally. 

The policy is applicable to the procurement of iron & steel products having an estimated aggregate value of Rs 50 crores or more. The policy also details that procurements that do not meet the steel specifications as desired by the government body or if the specific grades of steel are not manufactured in the country, or the quantities cannot be met through domestic sources, can be waived. 

The policy has been issued by a Standing Committee headed by the Secretary of Steel which was constituted on 14.06.2017 under the DMI&SP Policy.