The new steel policy promises to boost the growth of the domestic steel industry.

The cabinet chaired by prime minister Narendra Modi has approved the policy to provide preference to domestically manufactured iron and steel products on government procurement.

Here are the highlights of the new steel policy:
 

• The policy mandates to provide preference to Domestically Manufactured Iron & Steel Products (DMI&SP) in government procurement. The policy is applicable on all government tenders where price bid is yet to be opened.
   
• It poses trust on each domestic manufacturer who shall provide self-certification to the procuring government agency declaring that the iron and steel products are domestically manufactured in terms of the domestic value addition prescribed. It shall not normally be the responsibility of procuring agency to verify the correctness of the claim.
   
• In case any manufacturer is aggrieved, a grievance redressal committee set up under the steel ministry shall dispose of the complaint in a time bound manner, in four weeks.
   
• There are provisions in the policy for waivers to all such procurements, where specific grades of steel are not manufactured in the country, or the quantities as per the demand of the project cannot be met through domestic sources.
   
• The policy is envisaged to promote growth and development of domestic steel Industry and reduce the inclination to use, low quality low cost imported steel in government funded projects.