Steps taken by Govt to curtail steel imports and boost steel exports

Domestically Manufactured Iron and Steel Products Policy has been notified on 8th May 2017 and subsequently revised on 29th May 2019 with an objective to encourage Make in India for steel and steel products.

Domestically Manufactured Iron and Steel Products Policy has been notified on 8th May 2017 and subsequently revised on 29th May 2019 with an objective to encourage Make in India for steel and steel products. Under this Policy, Central Government Ministries / Departments and their agencies are required to mandatorily procure only those steel items which are manufactured in India.

Although Steel is a deregulated sector. The following steps have been taken by the Government to curtail steel imports and boost steel exports:-

Domestically Manufactured Iron and Steel Products Policy, 2017 has been revised on 29.5.2019. It has reduced threshold minimum value of the contract from Rs 50 Cr to Rs 25 Cr. It now includes Engineering, Procurement and Construction (EPC) contract within the ambit of this policy apart from other things thereby promoting the consumption of domestically produced goods and reducing imports.

Government has notified 53 Steel and Steel Product (Quality Control) Orders which is applicable for both domestic productions as well as imports. The Steel Quality Control Order is implemented in the public interest for the protection of human, animal, and plant, the safety of the environment, prevention of unfair trade practices and national security.

In order to protect the domestic industry from unfair external competition, appropriate trade measures such as anti-dumping duties and countervailing duties have been imposed.

Government has several schemes for promoting exports, such as MEIS, Market Access initiative, Export Promotion Council, etc.

This information was given by the Union Minister for steel Shri Dharmendra Pradhan in a written reply in the Lok Sabha today.

(With Inputs from PIB)