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 ...
Indias iron and steel exports to major markets slip over 40%
The Dollar Business Bureau Hit by a weak economic sentiment globally, mainly in the commodity market, India’s iron and steel exports dropped by over 40% to $4.57 billion in September this year from $7.69 billion a year ago. According to Engineering Export Promotion Council (EEPC), a massive fall in shipments to the USA, Italy, UAE, Bangladesh and Nepal, among others, resulted in fall of India’s primary iron and steel exports in September. The EEPC said that countries like Belgium, China and Iran provided some relief even as the setback in the exports of these items gave a severe blow to the country’s total engineering exports. “The year-on-year September fall in iron and steel is more than cumulative decline during April-September period against ...
