The Indian government is planning to review its comprehensive steel policy to promote self-reliance (Atmanirbhar Bharat) in the steel sector, according to media reports.
It is contemplating mechanism to support the domestic industry by giving it infra status. Earlier, the government had planned tightening of quality norms on 371 items including Chinese products by March 2021 to cut down imports of sub-standard goods including steel products like bars, tubes and heavy machinery.
Currently, the government is mulling inclusion of more steel products under the monitoring scheme and introducing BIS standards on all steel products.
India intends to review Free Trade Agreements and strengthen the certificate of origin rule to stop circumvention — along with an introduction of Offset Clause in all Trade agreements – in addition to capital goods and auto components imports.
If the steel sector is given infrastructure status, it would be able to access finance at competitive rates from various markets. Discussions taxation issues are also on cards.