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Steel imports of nearly Rs. 20,000 crore has been avoided due to DMISP policy

Union Steel Minister, Dharmendra Pradhan said India has avoided steel imports worth over Rs 20,000 crore following DMISP policy since its launch in 2017, on Monday.

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In 2017, the government launched the National Steel Policy (NSP) intending to boost up India’s steel manufacturing capacity to 300 million tonnes by end of 2030 with an additional investment of Rs 10 lakh crore.

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The government introduced the domestically manufactured iron and steel products policy (DMISP) policy to increase the use of domestically manufactured steel goods in government organizations.

India is the second-largest steel producer in the world with a production of 111 MT in 2019, exceeding Japan and the US.

“Through the domestically manufactured iron and steel products policy (DMISP), the government is trying to improve domestic sourcing of iron and steel goods by central government organizations by mandating preference and through this Policy, steel imports worth over Rs 20,000 crore have so far been avoided,” Pradhan said.

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Pradhan also said the government’s push on infrastructure development will have a positive impact on increasing steel consumption in the country.

The minister also said that the national infrastructure plan of Rs 102 lakh crore will create steel demand across sectors such as civil aviation, energy, railways, roads, etc, and the government will continue to promote maximum usage of indigenous steel in projects that would come in these industries.

The ministry also foresees setting up of steel clusters to enhance the smaller units in the steel sector. This will further increase employment opportunities within the sector. This move would also enhance the MSMEs in the steel sector and will motivate them to produce more value-added products.

During a virtual event, Pradhan also emphasized on the importance of using zinc in the steel sector. In the galvanization process, a protective coating of zinc is applied to iron or steel in order to prevent it from rusting.

At present India is the fourth-largest producer of zinc in the world and contributes around 6 per cent to global production.

 

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