The Government of India acts as a supporter of the liberalised Steel Industry. Shri Faggan Singh Kulaste, Union Minister of State for Steel and Rural Development, in a written reply in the Rajya Sabha says: The intermediate and the input rates of the raw material like Iron Ore, Coking coal, and others play a major role in the Steel Industry’s Export Potential. Further it creates a link to the Market. Read More Business News on our website.
The Government has driven into the depths to create a number of measures, which gave assistance to the creation of a policy environment that tends to be more favorable to exports and Domestic Steel production which is more competitive, some of which include:
- Between May 2022 to November 2022; Policy interventions took place which lead to the calibration of the import and export taxes on raw materials such as iron ore, pellets, coking coal, iron and steel products.
- Reformations in the Mining and Mineral Policy lead to the enhancement in both production and availability of iron ore.
- Reformations in the Policy of Mining and Minerals lead to the enhancement in both manufacturing and obtainability of iron ore.
- Till 31.03.2024, the Government has laid exemptions of Basic Customs Duty (BCD) on CRGO raw materials and steel scrap.
- The steel scrap recycling policy’s notifications are supposed to enhance the availability of domestically generated scrap.
Further in a summit; ‘Vision 2047: Towards a Globally Competitive and Sustainable Steel Industry’, “India has the potential to consume more steel because the amount consumed per person in rural areas is only 21kg per person, or about a third of the national average of 77 kg,” Shri Kulaste shared. Besides that, shared Shri Kulaste. In addition, the Minister instructed the industry to submit implementable suggestions for the Government’s consideration.