NEW DELHI: With an aim to give impetus to the steel sector in India, the Government has approved the National Steel Policy (NSP) 2017 recently.
The new policy is aimed at achieving the Country’s steelmaking capacity to 300 million tonnes by 2030, which would translate into Rs.10 lakh crore of additional investment by 2030-31.
“The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the National Steel Policy (NSP) 2017,” the Steel Ministry said in a statement.
“The new Steel Policy enshrines the long term vision of the Government to give impetus to the steel sector. It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry,” the statement said.
The Union Cabinet also cleared the decks and directed that preference should be given to domestically manufactured iron and steel products for Government procurements and is also applicable to all the tenders of Government where the bid is still to be opened.