SKS Ispat owner, Anil Gupta, has expressed his happiness over the drafting of the National Steel Policy 2017. This framework will push the demand for steel in the market. By 2030, the need for steel will rise by 230 million tons. The National Steel Policy will be instrumental in propelling India as a quality steel destination.
The security of raw materials, increase in steel consumption, and substitution of steel import will be facilitated by the policy. It will also allow more production capacity with a proposed investment of Rs 10 lakh crore. The policy can be combined with the anti-dumping duties to produce an all-round effect on the steel industry.
As mentioned by Anil Gupta and various other sources, the National Steel Policy gives preference to home-made steel. Domestically manufactured iron and steel products (DMI & SP) will be applicable on all the state tenders. The requirement for steel will be raised mostly by the affordable housing industry, defense sector, and Indian Railways.
The draft was given cabinet’s nod. Other than the SKS Ispat owner, the commercial & marketing director of JSW Steel, Jayant Acharya welcomed the initiative. He called it a positive step that is being taken when the steel industry is facing turbulence in their operations and revenue generation. He added, “In a shift away from earlier policies, it not only sets a directional roadmap by setting 160 kg per capita steel consumption as a clear target but also puts in place a policy on how to achieve it, produce new products and access key raw materials.” Such benchmarks are important to the industry as it provides a direction where the resources can be deployed.
India needs to make special efforts towards the production of steel variants and alloys that will be used for high-end applications. A few of the components of National Steel Policy framed in 2005 need to be replaced as the demand-supply scenario has changed radically. Per capita steel consumption will boost to 160 kg from 61 kg. The global index, on the other hand, is 208 kg. You can clearly see the steel deficiency India is suffering from.
Anil Gupta hints at India being the numero uno exporter of steel by 2025. According to the SKS Ispat owner, the National Steel Policy 2017 will raise the supply of domestic coking coal, which in turn will cut down the imports by half. Don’t forget the application of GST, since the overhaul of taxes will make a considerable impact on the steel sector.