Steel Production increases by over 14 million tonnes in country in 3 years : Govt

Speed Post News Network

New Delhi : Minister of State for Steel Vishnu Deo Sai on February 4, 2019, , informed the Lok Sabha that the total steel production in the country has increased from 88.98 million tonnes (MT) in 2014-15 to 103.13 MT in 2017-18. The Government has notified the National Steel Policy, 2017 and the Policy for Providing Preference to Domestically Manufactured Iron and Steel (DMI&SP) in Government procurement, which create facilitative environment to improve domestic production and consumption of steel.

With a view to providing relief to the domestic industry, the Government of India took the following measures: Increased Customs Duty on steel in two phases-in June 2015 and August 2015 by 2.5% each, Minimum Import Price (MIP) imposed on specified steel products in February 2016. MIP has since expired in February 2017, Imposed 20% Safeguard Duty on Hot Rolled Coils, provisionally in September 20’15 and finally notifying it in August, 2016, Imposed Safeguard Duty on Hot Rolled not in Coils, provisionally in August and finally in November 2016., Imposed Anti dumping measures for HR Coils provisionally in August 2016 and finally notified in May 2017, according to a PIB release.