A meeting of steel users and steel producers especially from automotive sector held on Monday was chaired by Secretary Steel. He emphasized that the Government expects the domestic production of value added steel to rise in view of modernisation and expansion of integrated steel producers, level playing field now available to large MSMEs sector in India and likely investment by foreign steel producers. He said that with the level playing field being made available to the MSMEs, both users and producers will have an expanded value chain for their manufacturing activities. Secretary Steel said that collaboration between users and producers is the bedrock of development of domestic capability of value added steel.
Secretary Steel emphasized on the need for setting up a forum with representatives from producers and end users so that future requirements of new product development and domestic potential are addressed and problems in existing products are resolved. He said that such meeting should be held on regularly.
Secretary Steel further informed that Steel Research & Technology Mission of India, SRTMI, can support technological upgradation. Ministry of Steel welcomes suggestions for policy intervention in matters relating to production of quality steel which may be taken up with Bureau of Indian Standards (BIS).
In order to cater to growing demand for quality products, Ministry of Steel, Government of India had earlier notified 53 products through quality control orders (QCO) to ensure that standards are maintained. Domestic manufacturers of these items have to obtain BIS certification mark licenses. The objective of QCOs is to help in building domestic capability by providing level playing field to all producers including MSMEs. Foreign suppliers willing to export these items to India are required to obtain BIS registration.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)