Steel is a de-regulated sector and the Government of India acts as a facilitator, by creating a conducive policy environment for the development of this sector. Government has taken the following measures towards achieving the desired projections of National Steel Policy 2017 :-
- Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) policy for promoting Made in India steel for Government procurement.
- Notification of Production-Linked Incentive (PLI) Scheme for Specialty Steel with an outlay of Rs. 6,322 Crore to promote the manufacturing of specialty steel within the country.
- Make in India initiative and the PM Gati-shakti National Master Plan with further engagement with potential users, including from Railways, Defence, Petroleum and Natural Gas, Housing, Civil Aviation, Road Transport and Highways, Agriculture and Rural Development sectors to enhance the steel usage, overall demand for steel and investment in the steel sector in the country.
- Adjustments in Basic Customs Duty on steel products and raw materials along with calibration of trade remedial measures on certain steel products to enhance the competitiveness of India’s steel sector.
- Coordination with Ministries and States, besides other countries for facilitating the availability of raw material for steel making on more favorable terms.
Growth in steel production
India has registered a continuous growth in steel production since the year 2019. Data on production of crude steel during last five years i.e., from 2018-19 to 2022-23 is given below:-
|Crude Steel Production (in mt)