KOLKATA: The Union Cabinet on Wednesday approved a new steel policy that envisions investment of Rs 10 lakh crore to build more production capacity .The policy has planned for a steel demand of about 230 million tonne by 2030-31. "The policy would rely on local producers to provide self-certification to the procuring government agency declaring that steel products are domestically manufactured in terms of local value addition prescribed. "Significantly, it also talks about preference for domestic steel for local projects," Acharya added. On the raw material front, the policy aims to increase supply of domestic coking coal, a key steel-making input to cut dependence on imports by half.India currently imports around 70 per cent of coking coal requirement. It aims at raising the availability of washed coking coal to reduce import dependence on coking coal by 50 per cent by 2030-31.

Source: Economic Times May 03, 2017 13:41 UTC