Government initiatives resulted in domestic steel sector growth, Union Minister

The 'Make in India' initiative of the Government of India ensures the utilisation of domestically manufactured steel and steel products in the country, Union Minister of Steel Ram Chandra Prasad Singh told Parliament on Monday.

The Union Minister said this in a written reply in the Rajya Sabha.

The Government has notified Domestically Manufactured Iron and Steel Products (DMI & SP) Policy on May 8, 2017 and subsequently revised on May 29, 2019 and December 31, 2020. This has resulted in the growth of the domestic steel sector by import substitution of around Rs 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.

( With inputs from ANI )

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