NEW DELHI: A new policy that aims to achieve steel making capacity of 300 million tonnes by 2030 with an additional investment of Rs 10 lakh crore got the Cabinet green light on Wednesday.The Cabinet also approved a policy for the use of domestic steel products in government organisations. "The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the National Steel Policy (NSP) 2017," the steel ministry said in a statement. "The Cabinet has approved the policy for providing preference to domestically manufactured iron and steel products on government procurement," the ministry said in another statement.The policy makes it mandatory to give preference to domestically manufactured iron and steel products (DMI&SP) in government procurement. "The DMI&SP policy provides a minimum value addition of 15 per cent in notified steel products which are covered under preferential procurement. In order to provide flexibility, the ministry of steel may review specified steel products and the minimum value addition criterion," it said.The NSP enshrines a long-term vision to give impetus to the steel sector.

Source: Times of India May 03, 2017 17:26 UTC