New steel policy to make steel industry competitive, says PM Narendra Modi

Prime Minister Narendra Modi on Thursday expressed optimism that the new policy on steel will boost its domestic consumption and create a globally competitive industry.

"The National Steel Policy will ensure high quality steel production, boost domestic consumption and create a globally competitive steel industry," Modi said in a tweet.

The policy reflects long-term vision for transformation of the steel sector, the prime minister said on the microblogging site.

The new policy aims to achieve steel-making capacity of 300 million tonnes by 2030 with an additional investment of Rs 10 lakh crore got the Cabinet green light yesterday.

The policy will help in realigning the enablers in paving the way for India to realise its potential by creating modern infrastructure and meeting the aspirations of its young population, said Tata Steel MD (India & SEA) T V Narendran in a statement.

"We look forward to the implementation of the policy and the forecast growth of the steel consuming sectors while we work with the government to address supply side issues like raw material availability and debottlenecking logistics constraints in realising the goals of the policy," he said. "We believe that the focus on infrastructure-led growth will not only support the demand growth of steel, but also help us achieve world-class cost efficiencies outside our factory gates.