Steel is a deregulated sector and sustainability of a company, imports and exports are determined by various factors including the market forces. The Government acts as a facilitator, by creating a conducive policy environment for improving domestic competitiveness some of the steps taken are :-

i. Levying Anti-Dumping Duty (ADD) and Countervailing Duty (CVD) on imported steel products which undermine the competitiveness of domestic steel producers.

ii. Periodic Calibration of Basic Customs duty (BCD) on raw materials such as ferroalloys, ferrous scrap which are not entirely available in the country.

iii. Revamping of Steel Import Monitoring System (SIMS) 2.0 for effective monitoring of imports and provide granular data on imports to the domestic steel producers.

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

v. Launch of the Production Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of 'Specialty Steel' within the country and reduce imports.

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

vii. Government has taken initiatives towards decarbonisation in steel industry by releasing the report on roadmap for Greening the Steel Sector in India and also released ‘The Taxonomy for Green Steel’.

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TPJ/NJ

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