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India’s Steel Makers: New policy for Domestic Steel Sector plans to treble India’s steel production capacity by 2030

"The National Steel policy will ensure high quality steel production, boost domestic consumption and create a globally competitive steel industry," Prime Minister Modi tweeted.

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New Steel Policy-aims at 300 mt mark, Pixabay
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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.”

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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.

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“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 

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India, Canada Pledge To Fight Terrorism In All Forms

Modi and Trudeau also welcomed the agreement on a bilateral Framework for Cooperation on Countering Terrorism and Violent Extremism that was signed between the two countries

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India Canada pledges to fight terrorism of all kinds together. Facebook
India Canada pledges to fight terrorism of all kinds together. Facebook
  • India and Canada pledged to fight terrorism in all its forms
  • Modi and Trudeau also agreed on the Framework for Cooperation on Countering Terrorism and Violent Extremism
  • Both the countries are looking forward to a cooperative future

India and Canada on Friday pledged to combat terrorism in all its forms and manifestations while declaring that no country should allow its territory to be used for terrorist and violent extremist activities.

The assertion by the two countries came in a joint statement issued after talks between Prime Minister Narendra Modi and his Canadian counterpart Justin Trudeau and assumes significance in the context of perceived softness on the part of Canada towards Khalistani separatists operating on its soil.

India and Canada pledged to fight terrorism together. www.affairscloud.com
India and Canada pledged to fight terrorism together. www.affairscloud.com

“Recognising that terrorism, violent extremism and radicalisation to violence present acute challenges to global peace, stability and prosperity, the leaders resolved to combat terrorism and violent extremism in all their forms and manifestations,” the joint statement said.

“They called for bringing terrorists to justice and holding accountable state sponsors of terrorism, including cross-border terrorism. They further emphasised that no country should allow its territory to be used for terrorist and violent extremist activities.”

Modi and Trudeau also welcomed the agreement on a bilateral Framework for Cooperation on Countering Terrorism and Violent Extremism that was signed between the two countries.

The Framework recognised the urgent imperative to disrupt recruitment, terrorist movements and the flow of foreign terrorist fighters, address the threat posed by cross-border and state-sponsored terrorism, stop sources of terrorist financing, dismantle terrorist infrastructure and prevent the supply of arms to terrorists and counter violent extremism and radicalisation to violence.

The two sides emphasised the need to deny operating space to terrorist and violent extremist groups.

Framework for Cooperation on Countering Terrorism and Violent Extremism was signed between the two countries. Wikimedia Commons
Framework for Cooperation on Countering Terrorism and Violent Extremism was signed between the two countries. Wikimedia Commons

Under the Framework, both sides committed to further develop exchanges and facilitate effective cooperation in the fields of security, finance, justice, and law enforcement, including, where appropriate, at the operational level.

Also Read: ‘Vanakkam!’ Tweets Canadian PM: Justin Trudeau Joins over 200,000 People at the Biggest Tamil Diaspora Festival in Toronto

It consists of institutionalised cooperation between the National Security Council Secretariat of India and the office of Canada’s National Security and Intelligence Advisor, and regular exchanges and coordination between India and Canada, which will be guided by the joint National Security Advisors’ Dialogue.

The joint statement further said that to reaffirm the importance of lawful commerce and the freedom of navigation and over-flight throughout the Indo-Pacific region, in accordance with international law, including the rights and jurisdiction of states under UN Convention for Law of the Sea (Unclos), the two leaders supported bolstering regional connectivity through transparent development of infrastructure and use of responsible debt financing practices, while ensuring respect for sovereignty and territorial integrity, the rule of law and environment.

Modi and Trudeau also expressed “strong concern” over the prevailing security situation in Afghanistan and the recent political developments in the Maldives and their implications for free society.

The Two Countries will work together towards peace.
The Two Countries will work together towards peace.

On the economic side, both leaders agreed to realise the full potential of bilateral trade and investment and both sides will renew efforts to expand and diversify bilateral economic and commercial relations.

“They will also intensify negotiations to finalise a Comprehensive Economic Partnership Agreement and a Bilateral Foreign Investment Promotion and Protection Agreement,” the statement said. Modi and Trudeau also agreed to strengthen bilateral and international cooperation to address climate change and secure a clean energy future and committed to promoting the implementation of the Paris Agreement.

“The leaders welcomed the initiative to establish the (India-initiated) International Solar Alliance to promote renewable energy for sustainable development,” the statement said. “They urged research institutions and industry in both countries to collaborate to promote greater use of solar technology.”

Also Read: India and Canada to Jointly Issue Two Sets of Diwali Themed Postal Stamps

It stated that the two leaders “underscored the importance of accelerating the global transition to affordable, reliable, sustainable and modern energy sources and acknowledged that renewable energy is a pathway to a low-carbon and more sustainable energy system”.

“Recognising the dynamic role of people-to-people ties in the India-Canada partnership, the leaders reaffirmed their commitment to address consular issues of mutual concern through discussion between the concerned officials,” the statement said. “They welcomed the expansion of direct air connectivity between Indian and Canadian cities.” IANS