Indian Cabinet approves Pact between New Delhi-Tokyo in Steel Sector

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By Our Correspondent

NEW DELHI: The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing the Memorandum of Cooperation (MoC) between Government of India and Government of Japan to constitute the ‘India-Japan Steel Dialogue’ to strengthen cooperation in steel sector.

The ‘India-Japan Steel Dialogue’ envisages enhancement of mutual understanding to secure sustainable growth in the steel sector.

The Dialogue aims to examine all aspects of cooperation in steel sector including promotion of investment in high grade steel making and finding new avenues of steel usage in India.The MoC will help in capacity building for high grade steel manufacturing in India. 

Meanwhile, Union Minister for PNG-Steel Dharmendra  Pradhan in a written reply in the Rajya Sabha said that the Government has brought National Steel Policy (NSP), 2017 which envisages steel per capita steel consumption to increase upto 160 kg. by 2030-31. In this direction, efforts have been made to promote steel usage by inserting new GFR rules 136(i)(iii) to consider life cycle cost analysis in Government projects for steel intensive structures, holding workshops, collaborative branding campaigns namely ‘Ispati-Irada’, push for Capital Goods manufacturing in the country and Steel Clusters near the steel plants.

Also, Government’s ‘Make-in-India’ initiative for manufacturing sector and schemes for building & construction sector such as Rural and Urban Housing Schemes, and infrastructure development sector provided impetus to the demand and consumption of steel in the country. The per capita consumption of steel has increased from 57.6 kg.        to 74.1 kg during the last five years. Further, Government’s plan of an investment of      Rs. 100 lakh crore for infrastructure development in the next five years will boost the demand and per capita steel consumption in the country.

Domestically Manufactured Iron & Steel Products Procurement (DMI&SP) Policy of the Government mandates to provide preference to domestically manufactured steel products both from public and private sector in Government procurement. There is no proposal to announce incentive policies for PSUs to procure domestic steel.

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