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 ...
India's steel exports rise three-fold in January 2017
The Dollar Business Bureau India's steel exports in January 2017 stood at 0.889 million tonnes (mt), which is three times higher than January 2016 exports of 0.274 mt. In the period April-January of the fiscal year 2016-17, steel exports have been valued at 5.865 mt, registering a growth of 71%. The 224% increase in January exports of steel is commendable. This huge improvement comes amid earnest efforts by the government to protect local steel manufacturers from dumping by neighbouring country China. Imposition of anti-dumping duty on steel has been a decisive move in this direction. The Ministry of Steel is also intent on fostering local steel production, as demonstrated by its ambitious goal of taking annual indigenous steel capacity to 300 mt by fiscal 2030-31, from 122 mt in 2015-16. During the first ten months of 2016-17, the import of finished steel has also ...
National Steel Policy sets capacity target of 300 MT by 2030-31
The Dollar Business Bureau India takes pride in its position of 3rd largest steel producer in the world, and yet stands as a net importer of steel in 2015-16. As per the National Steel Policy (NSP) 2017, the Ministry of Steel predicts annual crude steel capacity to reach 300 million tonnes (MT) in 2030-31 from 122 MT in 2015-16. The production goal is set at 255 MT in 2030-31 from 89 MT in 2015-16. For the same year 2030-31, the export target is 24 MT and per capita steel consumption is expected to rise to 160 kg from the current figure of 61kg. In comparison to the world average for per capita steel consumption (208kg), this seems to be a modest target. The draft policy aims to reduce imports of coking coal by half. Currently, 70% of India's coking coal requirement is ...
Private sector to have equal partnership in mining auction
The Dollar Business Bureau The Central Government is in the process of finalizing a policy to engage private players in mining sector. According to Union Minister for Steel and Mines, Narendra Singh Tomar, private sector would be brought in as an equal partner into the process once the guidelines and framework have been finalized. “82 mining blocks have been earmarked for auction and will be announced by end of October as Phase-I. Another 96 blocks have been identified for Phase-II,”he said addressing the Mining Leaders Roundtable meeting organised by the Confederation of Indian Industry (CII) in New Delhi on Friday. The auction process would be based on data provided by the Mineral Exploration Corporation of the states, he said, adding thathe will also ...
