Make in India: Challenges & Prospects

Cabinet clears National Steel Policy that favours Indian steelmakers

  1. The cabinet cleared a national steel policy that favours domestic manufacturers in government projects
  2. All government tenders will give preference to domestically manufactured iron and steel products.
  3. There will be a condition in tender so that the surplus capacity is consumed
  4. Indian steel makers who import raw materials or intermediate products can claim the benefits of the
    domestic procurement provision if they add a minimum of 15% value to the product
  5. The policy has a waiver for specific kinds of steel not manufactured in the country, or where domestic makers
    can’t meet the quality standards required by a project
  6. The National Steel Policy 2017 aims to make India self-sufficient in steel production. It projects crude steel
    capacity of 300 million tonnes (mt), production of 255mt and per capita consumption of 158kg of finished steel by 2030-31, as against the current consumption of 61kg
  7. The policy also envisages adequate local manufacturing to meet the demand for high-grade automotive steel,
    electrical steel, special steels and alloys for strategic applications by the same year
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