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DPIIT proposes measures to make India export hub for automotive, capital goods steel

DPIIT proposes measures to make India export hub for automotive, capital goods steel

DPIIT proposes measures to make India export hub for automotive, capital goods steel
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By Anshu Sharma  Aug 7, 2020 2:56:46 PM IST (Published)

In a move to push 'Make in India' and become self-reliant or 'Aatmanirbhar’,  the Department for Promotion of Industry and Internal Trade (DPIIT) has finalised some suggestions to boost the manufacturing of the flat steel products used in the capital goods and automobile industry.

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Flat steel category has been listed under 20 champion sectors identified by DPIIT to help the economy with high growth by generating employment and making the country a global hub for manufacturing.
After an exhaustive discussion with all stakeholders and steel ministry, DPIIT has finalised short-term and long-term policy intervention to make India export hub for the world for capital goods and automotive steel requirements.
For the short term, DPIIT has suggested enhanced import quota from the European Union for Indian steel, removal of lesser duty rule which will lead to higher anti-dumping duties and mandatory disclosure and labeling of origin. Similarly, for the long term plan, it has suggested stronger norms on rules of origin under Free Trade Agreements (FTA), an offset clause under FTAs to promote 'Make in India' and a priority sector status to infrastructure for cheaper financing.
The idea is to utilise high-grade iron ore available in India, pending domestic demand for per capita steel consumption, availability of labour at an economical cost, and strong MSME sector participation. Most of these are suggestions based on exhaustive discussions and for many suggestions a final call will rest with the finance ministry.
DPIIT has identified 20 champion sectors including marine, steel, aluminum, agro clusters, ready-to-eat, agrochemicals, textiles, electronic components, air conditioners, leather and footwear, auto components, furniture, medical equipment, television, closed-circuit camera, toys, ethanol, electric vehicle component, sport and gym equipment.
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