“We have been waiting for the transport department to come out with its policy on the end-of-life of commercial vehicles. The steel scrap policy will be based on this. Once this policy is in place, India will start producing steel from scrap. For a steel producer, it doesn’t make a difference whether you make steel from iron ore or scrap. The National Steel Policy’s target of 300 million tonnes (MT) of steel production by 2030-31 includes steel made from both iron ore and scrap,” Sharma said.
“The scrap policy will reduce dependence on imports. Local scrap reduces dependence on imports for secondary steel plants in India. These scrap units will be set up either by the private sector or as public-private partnerships because the business proposition for scrap makes it attractive to the private sector,” Sharma added.
“With India targeting a 300 million tonnes a year steel production capacity by 2030-31, the focus of steel ministry is on domestic consumption and making the sector globally competitive. Ministry of steel has identified construction and manufacturing sectors like rural development, urban infrastructure, roads and highways, and railways for maximum consumption of steel,” said Chauhary Birender Singh, Union Minister of steel in his video message to the conference.
"The government has made a budgetary allocation of about Rs 6 trillion for infrastructure this year. We have to ensure that the maximum steel produced in the country is used domestically, the new Steel Policy seeks to increase per capita steel consumption to 160 kg by 2030 from the existing around 64 kg,” said Vishnu Deo Sai, Union Minister of State for Steel, while inaugurating the conference.
The Minister said since India was one of the fastest growing economies in the world, extensive use of steel in areas like construction, infrastructure, power, aerospace, industrial machinery, and consumer products, is of strategic importance to the country.