Steel Ministry keen to bring sector out of stress: Minister

Steel Minister Chaudhary Birendra Singh today reviewed the National Steel Policy with a view to help the domestic steel industry, which is facing tough times due to cheap imports.
"Chaired a meeting to review National Steel Policy today. Steel Ministry is keen to bring steel sector out of stress," Singh said in a tweet.
The policy lays down a broad roadmap for encouraging growth for the Indian steel industry -- both the supply and the demand sides.
The long-term goal of the policy is that India should have a modern and efficient steel industry of world standards, catering to diversified steel demand.

The review comes at a time when India, the world's third largest steel producer, faces a daunting task at home in terms of checking cheap imports from flooding the market and at the same time increase demand for the metal, which is way below the global per capita average.
Per capita steel consumption in India stood at 59.4 kg per person in 2014, against a global average of 216.6 kg, data from industry body World Steel Association showed.
According to an official source the review also looked into the efforts made by the government as well as the industry in ramping up production and consumption.

"Another crucial issues that was discussed was the R&D input and it was felt that there is a need to invest on R&D if India needs to increase demand and at the same time check cheap imports. Besides, it will also help in enhancing the competitiveness of the domestic firms," the official added.