‘Ease of Doing Business' in Steel Industry

Jul 29, 2021 | by Avantis RegTech Legal Research Team

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Commercial Compliance

The Ministry of Steel on July 28, 2021 has issued a press release on ‘Ease of Doing Business' in Steel Industry  Various interventions made for ensuring ‘Ease of doing business’ in the steel industry.

The Interventions are as followed:

• Policy for providing preference to Domestically Manufactured Iron and Steel Products (DMI&SP) Policy notified on May 08, 2017 and subsequently revised on May 29, 2019 and December 31, 2020.  

• Inclusion of ‘specialty steel’ under the Production Linked Incentive (PLI) Scheme to boost production of specialty steel in the country.

• Steel Scrap Recycling Policy, 2019 envisages to set up environmentally sound management system to encourage processing and recycling of ferrous scraps through organised and scientific metal scrapping centres across India with an aim to promote 6Rs principles of Reduce, Reuse, Recycle, Recover, Redesign and Re-manufacture.

• Steel Import Monitoring System (SIMS), an online platform for advance registration of intended imports of steel, notified on September 05, 2019, requiring importers to submit advance information for intended imports and help the industry to plan domestic manufacturing.

• Engagement with various stakeholders including industry associations and leaders of domestic steel industry to identify their issues required to be addressed by the concerned Ministries/Departments of the Central Government and State Governments.

• Engagement with relevant stakeholders including those from the Ministry/Department of Railways, Defence, Petroleum and Natural Gas, Housing, Civil Aviation, Road Transport and Highways, Agriculture and Rural Development sectors etc. to enhance the overall demand for steel in the country.

•Project Development Cell in the Ministry of Steel to attract and facilitate investment in the steel sector.

[Release ID: 1739888]

 


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