Aiming to boost steel production in the country, the Centre said it is planning a new national steel policy by replacing the existing one.
Minister of State for Steel and Mines Vishnu Deo Sai, in his written reply to the Lok Sabha, said preparatory works for the new policy started but there is no definite timeframe could be given for announcing new rules at this stage.
The existing national steel policy was prepared in 2005, and according to it, total production of steel was projected at 110 million tonnes by 2019-20. The proposed policy will give emphasis on increasing production by providing better environment to the investors, said an official.
To safeguard interests of the domestic industry, the government continuously monitors international trade on several items, including steel and has been taking corrective measures through fiscal and other policy initiatives, wherever necessary, he added. India imported steel worth $1,709 million in the first two months of the current fiscal.
Published 11 August 2014, 17:52 IST