Union Minister of Steel Beni Prasad Verma informed the Lok Sabha that domestic production of crude steel in the first quarter of the current year stood at 19.61 million tonne.
He further said that steel is a deregulated sector, the role of the government is that of a facilitator providing a conducive policy environment.
He explained below the steps taken by the government to support the competitive production and capacity growth of the steel industry:
(i) The Public Sector Undertakings (PSUs) namely Steel Authority of India (SAIL), Rashtriya Ispat Nigam (RINL)& NMDC, are in the process of implementing significant expansion in the crude or finished steel capacities in their respective brownfield or greenfield locations.
(ii) An Inter Ministerial Group (IMG) has been set up by the Government for effective coordination and to expedite implementation of various investment projects in the steel sector.
(iii) Import of critical raw materials for steel industry such as coking coal, non-coking coal, scrap etc. are subject to zero or very low levels of customs duty.
(iv) To encourage domestic value addition and improve domestic iron ore availability, duty on export of iron ore has been increased to 30 per cent.
(v) The Ministry of Steel routinely consults the industry to be apprised of the constraints to growth and recommends necessary corrective measures as and when necessary, to other concerned ministries, the minister explained.