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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

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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Richard Thaler Supported Demonetisation, there is More to the Story

Demonetisation is what Richard Thaler had long supported. However, he remarked "Really? Damn," when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 notes thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.

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Richard Thaler
Richard Thaler won the Nobel Prize in Economic Sciences on 9th October.Wikimedia

When Prime Minister Narendra Modi decided to scrape Rs 500 and Rs 1,000 notes last November, Nobel Prize winner Richard Thaler supported demonetization describing it as a policy that he had long supported.

Dr. Richard Thaler, a Professor of Economics and Behavioural Science at the University of Chicago won the Nobel Prize in Economic Sciences on 9th October.

Did Richard Thaler really support demonetization in the way BJP took it? There is more to the story than what meets the eye.

As soon as Thaler was declared the Nobel Prize winner, members of the Bharatiya Janata Party (BJP) started sharing Thaler’s tweet regarding demonetization on social media affirming that the move which was severely criticised by the members of the opposition was actually supported by a Nobel Prize winner. The BJP IT cell head Amit Malviya retweeted the old tweet within a fraction of a second.

However, Richard Thaler remarked “Really? Damn,” when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 note thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.

It was not only the BJP supporters but also a large number of BJP leaders who were flowed away with incomplete picture depicted by Malviya and tweeted about it.‬ This included Union Minister Giriraj Singh, former BJP IT Cell Head Arvind Gupta, and many others.

Soon after, twitterati realized that the full picture of Thaler’s statement on demonetization was rather hidden.

Prime Minister Modi declared that the motivation behind scrapping Rs 500 and Rs 1,000 notes was to promote cashless economy and reduce corruption. This decision was severely criticised by different sections of the society putting on Modi the ultimate responsibility for heralding economic deceleration. Demonetisation pulled down India’s GDP growth rate to a mere 6.1% in 2016-17.

Some highlighted that the introduction of Rs 2000 note was an ephemeral panacea for remonetization and that its printing has been terminated.

-Prepared by Mohima Haque of NewsGram, Twitter: mohimahaque26

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PM Narendra Modi: Don’t believe in vote bank politics, Nation comes first

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Prime Minister Narendra Modi.
Prime Minister Narendra Modi. Wikimedia

Varanasi, Sep 23: Prime Minister Narendra Modi, on Saturday, said that the BJP did not believe in vote bank politics as the country was above party politics. This is his second day of the visit to his parliamentary constituency in Varanasi.

Modi told a gathering that he had launched a major war against corruption and the corrupt to ease the life of the common man. He also said cleanliness was worship for him as it could rid the poor of various diseases and a lot of economic burdens.

“Governance for us is not about votes or winning elections. The priority is the development of the nation. For us, the country is bigger than party,” he said, in his address to farmers in Shahanshahpur on the outskirts of Varanasi.

He said most of the problems faced by the common people in India were rooted in corruption.

“I have launched a war against it and will take it further to ensure that graft is weeded out from the country.”(IANS)

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PM Modi in Varanasi: Sanitation is worship, Cleanliness Is a Way to Serve the Poor

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The Prime Minister, Shri Narendra Modi addresses the gathering, at Shahanshahpur, Varanasi Varanasi, Uttar Pradesh on September 23, 2017.

Varanasi, Sep 23 :  Prime Minister Narendra Modi, while addressing a public gathering in Varanasi said that sanitation is worship for him, as it can rid the poor of various diseases.

The gathering was largely attended by people on the second day of his Varanasi visit. Modi visited, Shahanshahpur a village of his Lok Sabha constituency. Where he laid the foundation stone of a public toilet in the area.

“That is because sanitation is also a kind of worship for me. It will rid the poor of my country of various diseases and the economic burden due to those diseases that result from dirty surroundings,” he said while addressing people there.

He said while no one likes garbage, everyone in India shies away from the responsibility of keeping their surroundings clean.

“It is the responsibility of every citizen and every family to keep their surroundings clean so we are able to build clean villages, clean cities and a clean nation,” Modi said.

The Prime Minister urged people to take one resolution each, to improve the nation by 2022. The year will also mark the 75 years of independence.

“In the coming five years, we have to be committed towards that resolution. If 125 crore people take one resolution each and live up to it, then the nation would move 125 crore steps forward in the next five years,” he said.

(IANS)