A new National Steel Policy will be unveiled by the end of FY12, replacing the existing framework announced in November 2005.

A steel ministry official said that "The National Steel Policy will come by the end of the current fiscal.”

The Policy of 2005 had projected country's steel consumption to grow at 7% based on a 7 to 7.5% GDP growth rate and production of 110 million tonne by 2019-20.

The official said that "These estimates will be largely exceeded and it has been assessed that, on a most likely scenario basis, crude steel production capacity in the country by the year 2012-13 will be nearly 110 million tonne.”

The government has set up a committee headed by the steel secretary for monitoring the progress on formulation of the new National Steel Policy.

Four task forces have been constituted to study, analyze, consult and formulate draft policy documents on different aspects of the policy.

An official statement issued recently said these task forces were currently engaged in consultations with various industry stakeholders and experts to identify relevant issues and come up with appropriate policy prescriptions.

The statement added that "A final view on the new National Steel Policy will be taken on receipt of reports of these task forces and after discussions with the various stakeholders in the matter.”

(Sourced from PTI)