The Union Cabinet has given nod to the New Steel Policy that aims to achieve 300 million tonnes of capacity by 2030 with an additional investment of Rs 10 lakh crore.
Accordingly, the government plans to set up new steel plants on surplus land available with PSUs by forging partnership with private sector to help more than double steel production capacity to 300 million tonnes by 2030.
Speaking to reporters, Steel Minister Chaudhary Birender Singh, said, “After 12 years, a new policy for steel sector has been approved, which will provide a great boost to the industry and make it globally competitive.”
He said that the land acquisition is an issue under the new law, and the government plans to utilise the surplus land of steel PSUs to set up new plant in joint venture with private companies.
“If we have to create steel-making capacity of 300 million tonnes, we cannot wait for long time”, added the Minister.
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