Banking on bailouts

Steel policy has set unrealistic goals

The new steel policy has set ambitious targets — a per capita consumption of 160 kg by 2030 from around 60 kg at present; 300-million-tonne production capacity from around 120 million tonnes at the end of 2016-17, and reduction of steel imports. To achieve these goals, the government hopes that over the course of the next 14 financial years (till the end of 2030-31), an additional investment of Rs 10 lakh crore will take place in the sector. All these goals are laudable, but there are two broad issues here.

First, the targets are quite unrealistic. Take consumption. India’s economy grew