 "Govt says new Steel Policy being drafted")
However, Minister of State for Steel and Mines Vishnu Deo Sai, in a written reply to the Lok Sabha, said "no definite time-frame could be given at this stage".
"No, Madam," he said to a question on whether the government has constituted a Task Force to review the existing National Steel Policy, 2005.
More From This Section
"...A new National Steel Policy is being drafted to replace the National Steel Policy, 2005, the process of which is on," he added.
As per the 2005 Policy, the total production of steel was projected at 110 million tonnes by 2019-20.
"The new National Steel Policy is in draft stage and it is not possible to give any projection for either the steel production or the corresponding iron ore requirement,"he said.
Replying to another question, he said, "It has been noted that the FTAs signed with Korea and Japan have led to sharp increases in imports in competing product areas, thereby adversely affecting the steel industry".
To safeguard interests of the domestic industry, the government continuously monitors international trade on several items including steel and has been taking corrective measures through fiscal and other policy initiatives, wherever necessary, he added.
India imported steel worth USD 1,709 million in the first two months of the current fiscal. Imports from Japan and Korea were cumulatively valued at USD 390 million during April and May, Sai said.