The ‘Make in India’ initiative of the Government of India ensures that domestically manufactured steel and steel products are utilized in the country. The Government has notified Domestically Manufactured Iron and Steel Products (DMI&SP) Policy on 8th May 2017 and subsequently revised on 29th May 2019 and 31st December 2020. This has resulted in the growth of the domestic steel sector by import substitution of around INR 22,400 crore so far.
The PM Gati Shakti National Master Plan is Rs.100 lakh crore investment plan for infrastructure development over the next five years. The various initiatives for infrastructure development under the plan will boost the demand for steel in various sectors thereby enhancing steel usage and growth of the steel sector. These initiatives, being undertaken by Central Government, have a development impact across the country including the State of Karnataka.
This information was given by the Union Minister of Steel Shri Ram Chandra Prasad Singh in a written reply in the Rajya Sabha today