India’s Ministry of Steel will sustain its policy initiatives to achieve a 40 percent fall in total imports of steel in the country in the current 2017-18 financial year, a ministry official said on Wednesday, May 24.
The official said that a thrust will be maintained on ramping up domestic production and on the imposition of import restrictions within global trade-compliant rules so that the 37 percent fall in steel imports in the financial year 2016-17 can be sustained through the current year also.
For the previous financial year, total Indian imports of steel were estimated by the ministry at 7.42 million mt, down 37 percent year on year, while the country added 16.5 million mt of new crude steel production capacity in the same year compared to the previous year.