India remains the fourth largest steel producer of
the world in 2013 and likely to remain one of the top steel producers in the
years to come, according to World Steel Association (WSA).
As per the Report of the Working Group on Steel for
the 12th Five Year Plan, estimated crude steel production capacity of India
during the three years, 2014-15, 2015-16 and 2016-17 could be 129 million tones,
141 million tones and 149 million tons respectively.
In a written reply to Lok Sabha, Minister of State
for Steel and Mines, Vishnu Deo Sai said the government has taken the following
steps to make the steel industry globally competent.
(i) An Inter Ministerial Group (IMG) has been setup
in the Ministry of Steel for effective coordination and expediting
implementation of various investment projects in the steel sector.
(ii) A Project Monitoring Group (PMG) has been
constituted under the Cabinet Secretariat to fast track various
clearances/resolution of issues delaying the investments of Rs.1000 crores or
more in the manufacturing/infrastructure sector including the steel sector.
(iii) To increase domestic value addition and
improve iron ore availability for domestic steel industry, duty on export of iron ore has been increased
to 30%. Recently, the Government has
imposed export duty @ 5% ad-valorem on export of iron ore pellets.
(iv) Rates of custom duty on stainless steel flat products have been enhanced from 5% to 7.5% in the Union Budget for 2014-15.
(iv) Rates of custom duty on stainless steel flat products have been enhanced from 5% to 7.5% in the Union Budget for 2014-15.
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