Demand for Domestic Iron and Steel Products is witnessing substantial growth, a latest update from the Ministry of Steel noted. Efforts made by the Ministry of Steel have ensured placement of orders for domestic iron and steel to the tune of Rs. 8129 crore from June 2017 to October 2018. Ministry of Railways, ONGC, GAIL, EIL and HPCL have placed orders with domestic iron and steel manufactures for various categories of rails, pipe and tubes. These products were earlier imported but are now being procured from domestic producers. Discussions are on with Ministry of Railways to increase consumption of rails manufactured indigenously either through SAIL or other domestic manufactures. Efforts are also being made to on-board sectors like Defence and CPWD so that use of steel products manufactured in India grows. In order to give preference to domestically manufactured iron and steel products (DMI&SP) in Government procurement, Ministry of Steel promulgated a Policy, which was notified on 8th May 2017. To ensure that the Policy is implemented in letter and spirit, a Standing Committee under the Ministry of Steel chaired by Secretary Steel has been constituted to oversee its implementation. The Ministry of Steel organized a Conclave in Bhubaneswar in October this year for domestic manufacturers of capital goods meant for the steel sector. In this Conclave MoUs worth Rs.39400 crore were signed between foreign capital goods manufacturers and technology providers with Indian capital goods manufacturers and steel producers. This will result in the manufacturing of capital goods for the steel sector within the country in the next 4 years. Powered by Capital Market - Live News |