Year-End- Review-2021 Ministry of Steel

What is the news?

The Ministry of Steel has launched several initiatives to develop a vibrant domestic steel industry.

What are the steps and initiatives launched in the Steel Sector?

Production of Steel: The production performance of Steel sector has improved in the current fiscal.This improved performance was achieved despite the adverse effect of second wave of COVID-19 and concomitant localised lockdowns.  

Key Initiatives in Steel Sector

Domestic Manufacturing: Ministry of Steel had notified the Policy for Providing Preference to Domestically Manufactured Iron and Steel Products (DMI and SP Policy) in 2017.It provides preference to domestically produced iron and steel material in Government procurement.

PLI Scheme for Speciality Steel

Steel Scrap Recycling Policy,2019: It envisages to set up environmentally sound management system to encourage processing and recycling of ferrous scraps through organised and scientific metal scrapping centres across India. Recycling would be done with an aim to promote 6Rs principles of Reduce, Reuse, Recycle, Recover, Redesign and Re-manufacture.

Steel Import Monitoring System (SIMS): It is an online platform for advance registration of intended imports of steel. It requires importers to submit advance information for intended imports and help the industry to plan domestic manufacturing.

Project Development Cell in the Ministry of Steel to attract and facilitate investment in the steel sector.

MoU with Russia: An MoU has been signed between the Ministry of Steel and the Russian Federation for cooperation in the field of coking coal, used for steel making.

Steel Usage: To promote steel usages in various sectors, the Ministry of Steel has been jointly organising workshops/ Webinars to spread the awareness for benefits of enhanced steel usage in various sectors. 

MSME Payments :The status of pending payments to MSMEs by CPSEs of the Steel Ministry is being monitored on weekly basis to ensure that the same is credited timely and well within the 45 days’ time limit.

Source: This post is based on the article Year-End- Review-2021 Ministry of Steelpublished in PIB on 31st Dec 2021.

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