The Centre is in the process of framing a new steel policy to counter Chinese dominance in the sector. The new policy would also seek to augment domestic production and concurrently increase the per capita steel consumption in the country.

Chairman of the Standing Committee on Government Assurances Ramesh Pokhriyal Nishank said here the domestic steel producers should rise to the occasion and match the cost competitiveness of the Chinese steel companies. He was in the city recently for a meeting of the committee, which discussed issues of steel, insurance, fertiliser, etc.

Without disclosing specific details, the former Uttarakhand chief minister informed the policy would soon be announced after due consultative process.

"For a large country like India, it is imperative to be self-reliant in the steel sector. When the Chinese steel companies can achieve cost-competitiveness, there is no reason why domestic producers cannot match them," Nishank added.

India is amongst the largest global steel producers and is eyeing 300 million tonnes per annum production by 2025.

 

Source : business-standard.com

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