Get subscribed to our newsletter
Get interesting updates to your email inbox.
India’s Steel Makers: New policy for Domestic Steel Sector plans to treble India’s steel production capacity by 2030
Mumbai, May 4, 2017: The cabinet passed a new policy for domestic steel sector on Wednesday and aims to increase steel production three times to reach the mark of 300 million tonnes by 2030. Earlier in
To protect the industry from cheaper imports, earlier in 2016, the government has taken few protectionist steps for this sector by introducing Minimum Import Duty (MIP) to protect domestic market from cheaper steel imports.
The latest policy focuses on increasing steel production by three times of the current production. However, it is not quite clear in the policy as to how the set targets will be achieved. But the policy definitely puts the major steel manufacturers like JSPl, JSW in a sweet spot towards growth as the demand can rise to 5-6 percent in the current year. The overall infrastructure of the country is also supposed to see a high as one of the main objectives of this policy, mentioned livemint.com report.
Abhisar Jain, an analyst at Centrum Broking Pvt. Ltd says “Per se, it (the policy) is positive for the steel sector and from point of view of infrastructure creation that the government aspires for in the period.”
NewsGram brings to you latest new stories in India.
According to Jain, the policy also seems to increase the per capita consumption of steel to 160 kgs as against current consumption of 60 kgs, highlighting the fact that the government aims at promoting steel industry in domestic as well as housing arena.
However, how the policy will be implemented will decide the ultimate impact of this policy.
Here it is pertinent to be noted that earlier the steel production had been rising at a rate of 55 million tonnes every year and the current set targets are quite high as compared.
Hence, there are speculations whether the new targets will be realised or not. However, the Steel Producers of the nation along with Indian PM seem quite optimistic.
Look for latest news from India in NewsGram.
“The National Steel policy will ensure high-quality steel production, boost domestic consumption and create a globally competitive steel industry,” Prime Minister Modi tweeted. Uppal said to livemint.com, JSPL is commissioning a 6 million tonne steel plant in Angul, Odisha, in a few weeks. “We now feel more confident that the government is backing up the industry.”
“There is a lot of headroom for us to grow because steel consumption in India is 60 kg compared with the global average of 210 kg… For achieving 160 kg the current capacity is inadequate and the government is taking a two-pronged action—one is stimulating growth of demand and other is backing it up with adequate supply… If everything comes from China and Korea we will miss the opportunity of growing our own steel industry,” Uppal said.
– prepared by Nikita Tayal of NewsGram, Twitter: @NikitaTayal6
By- Blogger Indifi
Three parameters based on which EMI calculator works:
- Loan amount.
- Repayment tenure.
- Rate of interest (offered by the lender).
Factors that affect the Loan EMIs
Follow NewsGram on Facebook to stay updated.
Sample loan chart of a business company Image source: wikimedia commons
Benefits of using an online EMI calculator:
- Find out exact EMIs to be paid monthly for any loan.
- Saves time.
- Get a detailed overview of loans applied using the amortization schedule.
- Plan your monthly finances well in advance.
Significance of loan amortization schedule in EMI calculator
The different types of EMI calculators
Home loan EMI calculator
Business loan EMI calculator
Personal loan EMI Calculator
Sample of External Loan amounts Image source: wikimedia commons
Education loan EMI calculator
Simple interest loan EMI calculator
Loan against property EMI calculator
Disclaimer: (This article is sponsored and include some commercial links)
Representation of the Swastika on the flag of Adolf Hitler's Nazi Movement.Photo by Flickr.
Keywords: Neeraj Chopra, Olympics, Tokyo2020, Gold medal, javelin, India, Haryana