The Indian Government has said that it is working on a new steel policy in a bid to steer the over USD 100 billion industry out of the mess and ensure that the growth is evenly spread across all the related sectors.
Commenting on the issue, Steel Minister Chaudhary Birendra Singh told the media, “We are in favour of a new steel policy and I am already on the job.”
“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 added.
As per reports, the Government’s think-tank Niti Aayog too has pitched 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.