Steel is a de-regulated sector in India, with the Government playing a facilitative role by establishing a policy framework that supports industry growth and global competitiveness. Several initiatives have been introduced to enhance the sector’s performance.

The Domestically Manufactured Iron & Steel Products (DMI&SP) Policy encourages the use of ‘Made in India’ steel in government procurement, boosting domestic demand. Complementing this, the Production Linked Incentive (PLI) Scheme for Specialty Steel aims to promote domestic manufacturing and reduce import dependency by incentivizing capital investments.

Increased infrastructure spending announced in the Union Budget has further driven steel consumption. To lower input costs, the Government has adjusted Basic Customs Duties on imports of ferro nickel and ferrous scrap.

The Steel Import Monitoring System (SIMS) has been upgraded to provide more detailed import data, enabling domestic producers to better monitor and respond to foreign competition. In addition, the introduction of Steel Quality Control Orders has significantly improved the quality of steel available in the market by restricting sub-standard products, both domestic and imported. This ensures a consistent supply of reliable, high-quality steel for industries and consumers alike.

These updates were shared by Shri Bhupathiraju Srinivasa Varma, Minister of State for Steel and Heavy Industries, in a written statement to the Lok Sabha.