CURRENT AFFAIRS

Detailed explanation-1: -On May 4, 2017, the Union Cabinet approved the National Steel Policy, 2017 with focus on enhancing high quality domestic steel production and making the sector globally competitive. This policy has now replaced the National Steel Policy 2005 (NSP 2005).

Detailed explanation-2: -What is the National Steel Policy? The National Steel Policy which was released in 2017 aims to attain a steel production capacity in India of 300 MT by 2030. It has a long-term vision to enhance domestic consumption, produce high-quality steel and make the sector globally competitive.

Detailed explanation-3: -The National Steel Policy 2005 (NSP 2005) sought to indicate ways and means of consolidating the gains flowing out of the then economic order and charted out a road map for sustained and efficient growth of the Indian steel industry.

Detailed explanation-4: -New Steel Policy seeks to increase per capita steel consumption to the level of 160 Kgs by 2030 from existing level of around 60 Kg. ➢ Potential of MSME steel sector has been recognised.

Detailed explanation-5: -2.1 The National Steel Policy 2012 aims at transforming Indian steel industry into a global leader in terms of production, consumption, quality and techno-economic efficiency while achieving economic, environmental and social sustainability.