India's steel imports decline on steps to boost domestic manufacturing
Premium- Import of steel during the current financial year, as of December stood at 3.46 million tonne
NEW DELHI : Union Minister for Steel Ram Chandra Prasad Singh on Wednesday said that steel imports by India have declined in the past few years on the back of the government's measures to enhance domestic manufacturing of the commodity.
According to data presented by the minister in Lok Sabha, import of steel during the current financial year, as of December stood at 3.46 million tonne. In the last financial year, imports stood at 4.75 million tonne.
Steel imports of the country in FY20 was 6.77 million tonne, down from 7.84 million tonne in FY19.
The minister's written reply in Lok Sabha, said that in its role as a facilitator, government has taken several steps to protect and promote the domestic steel industry, including the Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting procurement of made-in-India steel, Steel Scrap Recycling Policy to enhance the availability of domestically generated scrap.
It has also issued Steel Quality Control Order to stop manufacturing and import of non-standardised steel and come up with Steel Import Monitoring System (SIMS) for advanced registration of steel imports.
Centre has also rolled out the Production-Linked Incentive (PLI) Scheme for specialty steel with an outlay of ₹6,322 crores.
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The domestic production of steel in FY19, FY20, FY21 stood at 101.29 million tonne, 102.62 million tonne and 96.20 million tonne respectively. During the April-December period FY21, India's steel output was 83 million tonne.
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