You are here: Home » PTI Stories » National » News
Business Standard

Govt to come out with new steel policy

Press Trust of India  |  New Delhi 

The government is working on a new steel policy in a bid to steer the over USD 100 billion industry out of the rut and ensure that the growth is evenly spread across all the related sectors.

"We are in favour of a new steel policy and I am already on the job," Steel Minister Chaudhary Birendra Singh told PTI.



He added that led the world in growth in production and consumption last year, which has continued so far in 2016 as well.

"But, we need to ensure that this growth continues and for that we have to plan accordingly and come out with a policy that ensures that not only steel, but the related sectors such as iron ore, etc also grow," he explained.

Government's think-tank Niti Aayog too has pitched for for a "new and dynamic steel policy" to bring the industry back on track as well as meet the target of 300 million tonnes (MT) capacity by 2025.

The country's policy maker feels that mere changes in the Policy, 2012, will not help the sector as in the last few years the domestic market has been flooded with cheap imports from China, Korea and Japan, impacting its sales and profits, which has negatively influenced its capacity to repay debts.

"There is need for a new and dynamic steel policy. Seeing the current situation of the steel sector, it may be unlikely to achieve the targets envisaged in Policy 2012 i.E. A capacity of 300 MT and production of 275 MT by 2025," the Aayog said in a Working Paper on the sector.

It further said, "To bring steel sector back on track, mere tinkering in the present policy would not bring out a transformational change that is required."

The Aayog feels that there is a need to examine the entire value chain associated with the industry, from raw materials to production of finished products, to discover the bottlenecks in the sector.

The working paper, prepared by Niti Aayog Member V K Saraswat and Niti Aayog professional Ripunjaya Bansal, said that an ecosystem has to be created that will ensure profitability of the associated industry be it mining, pet coke, pellet, sponge iron, etc.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Govt to come out with new steel policy

The government is working on a new steel policy in a bid to steer the over USD 100 billion industry out of the rut and ensure that the growth is evenly spread across all the related sectors. "We are in favour of a new steel policy and I am already on the job," Steel Minister Chaudhary Birendra Singh told PTI. He added that India led the world in growth in production and consumption last year, which has continued so far in 2016 as well. "But, we need to ensure that this growth continues and for that we have to plan accordingly and come out with a policy that ensures that not only steel, but the related sectors such as iron ore, etc also grow," he explained. Government's think-tank Niti Aayog too has pitched for for a "new and dynamic steel policy" to bring the industry back on track as well as meet the target of 300 million tonnes (MT) capacity by 2025. The country's premier policy maker feels that mere changes in the National Steel Policy, 2012, will not help the sector as in the ... The government is working on a new steel policy in a bid to steer the over USD 100 billion industry out of the rut and ensure that the growth is evenly spread across all the related sectors.

"We are in favour of a new steel policy and I am already on the job," Steel Minister Chaudhary Birendra Singh told PTI.

He added that led the world in growth in production and consumption last year, which has continued so far in 2016 as well.

"But, we need to ensure that this growth continues and for that we have to plan accordingly and come out with a policy that ensures that not only steel, but the related sectors such as iron ore, etc also grow," he explained.

Government's think-tank Niti Aayog too has pitched for for a "new and dynamic steel policy" to bring the industry back on track as well as meet the target of 300 million tonnes (MT) capacity by 2025.

The country's policy maker feels that mere changes in the Policy, 2012, will not help the sector as in the last few years the domestic market has been flooded with cheap imports from China, Korea and Japan, impacting its sales and profits, which has negatively influenced its capacity to repay debts.

"There is need for a new and dynamic steel policy. Seeing the current situation of the steel sector, it may be unlikely to achieve the targets envisaged in Policy 2012 i.E. A capacity of 300 MT and production of 275 MT by 2025," the Aayog said in a Working Paper on the sector.

It further said, "To bring steel sector back on track, mere tinkering in the present policy would not bring out a transformational change that is required."

The Aayog feels that there is a need to examine the entire value chain associated with the industry, from raw materials to production of finished products, to discover the bottlenecks in the sector.

The working paper, prepared by Niti Aayog Member V K Saraswat and Niti Aayog professional Ripunjaya Bansal, said that an ecosystem has to be created that will ensure profitability of the associated industry be it mining, pet coke, pellet, sponge iron, etc.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Govt to come out with new steel policy

The government is working on a new steel policy in a bid to steer the over USD 100 billion industry out of the rut and ensure that the growth is evenly spread across all the related sectors.

"We are in favour of a new steel policy and I am already on the job," Steel Minister Chaudhary Birendra Singh told PTI.

He added that led the world in growth in production and consumption last year, which has continued so far in 2016 as well.

"But, we need to ensure that this growth continues and for that we have to plan accordingly and come out with a policy that ensures that not only steel, but the related sectors such as iron ore, etc also grow," he explained.

Government's think-tank Niti Aayog too has pitched for for a "new and dynamic steel policy" to bring the industry back on track as well as meet the target of 300 million tonnes (MT) capacity by 2025.

The country's policy maker feels that mere changes in the Policy, 2012, will not help the sector as in the last few years the domestic market has been flooded with cheap imports from China, Korea and Japan, impacting its sales and profits, which has negatively influenced its capacity to repay debts.

"There is need for a new and dynamic steel policy. Seeing the current situation of the steel sector, it may be unlikely to achieve the targets envisaged in Policy 2012 i.E. A capacity of 300 MT and production of 275 MT by 2025," the Aayog said in a Working Paper on the sector.

It further said, "To bring steel sector back on track, mere tinkering in the present policy would not bring out a transformational change that is required."

The Aayog feels that there is a need to examine the entire value chain associated with the industry, from raw materials to production of finished products, to discover the bottlenecks in the sector.

The working paper, prepared by Niti Aayog Member V K Saraswat and Niti Aayog professional Ripunjaya Bansal, said that an ecosystem has to be created that will ensure profitability of the associated industry be it mining, pet coke, pellet, sponge iron, etc.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard