The Union Cabinet has approved the National Steel Policy 2017, a new policy that envisages investment of Rs. 10 lakh crore to create more capacity in the steel sector.
The policy looks at increasing per capita steel consumption from 60 kg to 160 kg by 2030-31 and increasing steel production capacity to 300 metric tonne by 2030.
The Cabinet also decided to give preference to domestically manufactured iron and steel products in procurement by the government and its agencies.
The development is significant as it is likely to raise domestic steel consumption as the country’s per capita steel usage at 60 kg is much lower than the global average of 208 kg.
Among other decisions, the Cabinet gave its nod to an ordinance to amend Banking Regulations Act to deal with NPAs or stressed assets.
It also approved a new Central sector scheme SAMPADA that stands for Scheme for Agro Marine Processing and Development of Agro Processing Clusters.
Among other Cabinet decisions are international status to Vijayawada airport and initiation of disinvestment of 3 ITDC properties.
The Cabinet also gave its nod to modifications in the 7th Pay Commission recommendations on pay and pensionary benefits.
Among them key decisions relate to revision of pension of pre-2016 pensioners and family pensioners and disability pension for defence pensioners.