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Business Economy

Govt expecting rise in domestic production of steel

New Delhi, Jan 9 (UNI) The Government expects the domestic production of value added steel would rise in view of modernisation and expansion of integrated steel producers, level playing field now available to large MSMEs sector in India and likely investment by foreign steel producers.
Steel Secretary Binoy Kumar said with the level playing field being made available to the MSMEs, both users and producers will have an expanded value chain for their manufacturing activities. He said collaboration between users and producers is the bedrock of development of domestic capability of value added steel.
He was speaking after chairing a meeting of steel users and steel producers especially from automotive sector on Monday.
An official statement said on Wednesday that the Secretary emphasized on the need for setting up a forum with representatives from producers and end users so that future requirements of new product development and domestic potential are addressed and problems in existing products are resolved.
He informed that Steel Research & Technology Mission of India can support technological upgradation.
In order to cater to growing demand for quality products, the Steel Ministry had earlier notified 53 products through quality control orders (QCO) to ensure that standards are maintained. Domestic manufacturers of these items have to obtain BIS certification mark licenses.
The objective of QCOs is to help in building domestic capability by providing level playing field to all producers including MSMEs. Foreign suppliers willing to export these items to India are required to obtain BIS registration.
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