The Minister of Steel, Shri Beni Prasad Verma has said that production of steel has been consistently increasing since last several years. As per the available information, production of crude steel has increased from 70.67 MT in 2010-11 to 73.79 MT in 2011-12.
The present National Steel Policy was formulated in the year 2005. However, in view of the changed scenario, globally as well as domestically, the Ministry of Steel has decided to formulate a new National Steel Policy which will inter-alia address a number of issues having bearing on development and growth of steel industry in the country.
In a written reply in the Rajya Sabha today Shri Verma said, Steel is a deregulated sector. As such, the decision to enter into joint venture/tie-ups/acquisitions/direct investment resulting into flow of FDI into the country, is taken by entrepreneurs based on their review to expand their business. The Government in such cases offers the policy framework, facilitating and encouraging such inflow.