The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for National Steel Policy (NSP) 2017. The new Steel Policy enshrines the long term vision of the Government to give impetus to the steel sector.
It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry. The NSP 2017 aims to achieve 300 million tonnes of steel-making capacity by 2030.
Key features of the NSP 2017:
1. Create self-sufficiency in steel production by providing policy support & guidance to private manufacturers, MSME steel producers, CPSEs
2. Encourage adequate capacity additions,
3. Development of globally competitive steel manufacturing capabilities,
4. Cost-efficient production
5. Domestic availability of iron ore, coking coal & natural gas,
6. Facilitating foreign investment
7. Asset acquisitions of raw materials &
8. Enhancing the domestic steel demand.
Important Takeaways from above News for NIACL Mains Exam-
- Cabinet has approved National Steel Policy 2017
- It was chaired by Shri Narendra Modi
- NSP 2017 aims to achieve 300 million tonnes of steel-making capacity by 2030
Source- Press Information Bureau (PIB)