National Steel Policy 2017 approved
The Government of India (‘GoI’) has approved the National Steel Policy 2017. The policy is aimed at building a globally competitive steel industry, increase per capita steel consumption. The new steel policy mandates to give preference to domestically manufactured iron and steel product. According to statistics, Indian steel sector has grown rapidly over the past few years and presently it is the third largest steel producer globally, contributing to about 2% of the country’s GDP. In 2015, India was the only economy in the world which registered positive growth in steel demand at 5.3 per cent as (-)5.4% for China and (-)7% for Japan.
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