Ministry of Steel Current Affairs - 2020
The National Steel Policy that was released on November 8, 2019 aims at developing globally competitive steel industry. It aims at creating 300 million tons of steel per annum by 2030. The policy was released by Ministry of Steel
Objectives of the Policy
- The policy aims at promoting scientific collection and processing activities of recyclable ferrous and non-ferrous scraps.
- The objective of the policy is to produce high quality ferrous scrap that helps to increase high quality steel production.
- It also aims in relieving cities from Extra Low Voltages and boost the reuse of ferrous scrap. Extra Low Voltage systems are deployed in commercial and residential buildings for better security and control. It mainly consists of CCTV and Intercom.
- It also promotes the ‘6R’ principle. It includes Reduce, Recycle, Reuse, Recover, Remanufacture and Redesign
- The Policy provides guidelines for collection, shredding and dismantling activities in a safe and sound environment.
- The Policy will envisage a framework to establish metal scrapping centers in the country.
- It will help in setting up environmentally sound ferrous scrap handling systems.
- India is currently importing metal scraps from African countries. Around 70% of the metal scraps comes from these countries. The policy will help reduce dependency on imports.
Tags: High Quality Steel • Imports • Ministry of Steel • Steel • steel scrap recycling policy
The Union Cabinet has given its approval for National Steel Policy (NSP) 2017 to give impetus to the steel sector. The policy aims to enhance domestic steel consumption and transform Indian steel industry into a technologically advanced and globally competitive steel industry. The new policy favours the domestic manufacturers.
- Policy aims to create self-sufficiency in steel production by providing policy support and guidance to private manufacturers, MSME steel producers, CPSEs
- Encourages adequate capacity additions and promote the development of globally competitive steel manufacturing capabilities.
- Facilitates foreign investment and aims to enhance the domestic steel demand.
- Promote cost-efficient production.
- Aims to ensure the domestic availability of iron ore, coking coal & natural gas and other raw materials at competitive prices.
- The policy envisages the achievement of crude steel capacity of 300 million tonnes (MT), production of 255 million tonnes (MT) and a robust finished steel per capita consumption of 158 Kgs by 2030 – 31. At present the current consumption is 61kgs.
- The policy aims to meet the entire demand of high-grade automotive steel, electrical steel, special steels and alloys for strategic applications through adequate local production.
- It aims to increase domestic availability of washed coking coal in order to reduce import dependence on coking coal from about 85% to around 65% by 2030-31.
- All the government tenders would give preference to domestically manufactured iron and steel products. The domestic manufacturers who import raw materials or intermediate products will be able to claim the benefits of the domestic procurement provision if they add a minimum of 15% value to the product.
- R&D in the steel sector would be carried out through the establishment of Steel Research and Technology Mission of India (SRTMI).
India is the third largest producer of steel globally. The steel sector is contributing to about 2% of the country’s GDP. India had produced 100 Million Tonnes (MT) of steel in 2016-17. Though the National Steel Policy 2005 charted out a roadmap for the sustained and efficient growth of the Indian steel industry, the recent changes in the economic order calls for a new national policy.
Tags: Current Affairs - 2017 • Ministry of Steel • National Steel Policy • Steel sector