The government is working on a new steel policy in a bid to steer the over USD 100 billion industry out of the rut and ensure that the growth is evenly spread across all the related sectors.
"We are in favour of a new steel policy and I am already on the job," Steel Minister Chaudhary Birendra Singh told media.
He added that India led the world in growth in production and consumption last year, which has continued so far in 2016 as well.
"However, we have to guarantee that this development proceeds and for that we need to arrange in like manner and turn out with an approach that guarantees that steel, as well as the related parts, for example, press mineral, and so forth additionally develop," he clarified.
Government's research organization Niti Aayog too has pitched for "another and dynamic steel approach" to bring the business back on track and in addition meet the objective of 300 million tons (MT) limit by 2025.
The nation's chief strategy creator feels that negligible changes in the National Steel Policy, 2012, won't help the area as in the most recent couple of years the household advertise has been overwhelmed with shabby imports from China, Korea and Japan, affecting its deals and benefits, which has contrarily impacted its ability to reimburse obligations.
"There is requirement for another and dynamic steel strategy. Seeing the present circumstance of the steel division, it might be probably not going to accomplish the objectives imagined in National Steel Policy 2012 i.E. A limit of 300 MT and generation of 275 MT by 2025," the Aayog said in a Working Paper on the part.
It facilitate said, "To bring steel area back on track, minor tinkering in the present approach would not draw out a transformational change that is required."
The Aayog feels that there is a need to look at the whole esteem chain connected with the business, from crude materials to creation of completed items, to find the bottlenecks in the division.
The working paper, arranged by Niti Aayog Member V K Saraswat and Niti Aayog proficient Ripunjaya Bansal, said that an environment must be made that will guarantee gainfulness of the related business be it mining, pet coke, pellet, wipe press, and so forth.