Updated By: LatestGKGS Desk
Niti Aayog declares new steel policy for steel industry 2016
Niti Aayog's need for a new steel policy, reasons
India is the third largest producer of steel and this year India saw a growth of 4.5% as compared to 2015.
There are number of developments which have taken place, so there is a need for new policy framework.
Need for a new steel policy
In the Global market, the world is facing congestion of steel production whereas the demand has not speed up as compared to the production.
The impact of International Market development is also the need for new policy because the international markets are dumping up the steel to sell at lower prices due to less demand as compared to production.
The irregular supply of raw materials is a troubling task for the production in the steel industry.
The different legislative and policy changes needs to be considered for whether the law must be passed on pan India basis or not as the shortage of raw materials will take place and as a result it will increase the price.
There is a need for the new policy as the financial health of the companies is deteriorating.
