Finished steel consumption rise
Consumption of finished steel grew by 2.6% in 2016-17, whereas production grew by 8.5% over the previous financial year, according to the data published by the Ministry of Steel.
“India was net exporter of steel in 2016-17 and thus the production of finished steel was sufficient to meet its present demand in the country and also for exports,” said a release by the Steel Ministry on Monday.
Steel being a de-regulated sector, the role of government is that of a facilitator only, which lays down the policy guidelines and establishes the institutional mechanism/structure for creating a conducive environment for improving efficiency and performance of the steel sector.
In this role, the government has released the National Steel Policy 2017, which has laid down the broad roadmap for encouraging long-term growth for the Indian steel industry, it added.