Steel is a deregulated sector and the Government acts as a facilitator by creating a conducive policy environment for the development of steel sector across all states in the country, including Odisha. Decisions regarding setting up of a steel plant is taken by industry based on techno-commercial consideration including raw material availability, distance from port, logistics etc. Government has taken the following measures to improve raw material security, enhance R&D activities, reduce import dependence, and cost of production, to increase employment and to attract private sector investment:-

a. Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting ‘Made in India’ steel for Government procurement.

b. Launch of the Production Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of 'Specialty Steel' within the country and reduce imports by attracting capital investments.

c. Increasing capex allocation in the Union Budget, with thrust to infrastructure expansion which, in turn, has increased steel consumption.

d. Calibration of Basic Customs Duty on raw materials to reduce cost of production.

e. Notification of Steel Scrap Recycling Policy to enhance the availability of domestically generated ferrous scrap.

This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.

****

TPJ/NJ

(Release ID: 2110245) Visitor Counter : 200