The Cabinet today approved a policy for providing preference to domestically manufactured iron and steel products in procurement by the government and its agencies. The development assumes significance as it is likely to raise domestic steel consumption, as the country's per capita steel usage at 61 kg is much lower than the global average of 208 kg. "The Cabinet today approved a policy for providing preference to domestically manufactured iron and steel products in procurements by the government and its agencies," a source privy to the development said. The policy aims at giving priority to domestically produced steel and value addition done in India, the source said. The government had earlier said it was mulling making domestic steel use binding for government projects.

Source: dna May 03, 2017 13:52 UTC