The Statesman reported that according to the minister of state for steel, Mr Mr Vishnu Deo Sai, a new steel policy is on the anvil to help the steel industry to enhance production to 300 million tonnes per annum by 2025, up from the present 81.2 million tonnes per annum.

The new policy is likely to focus on capacity addition and address issues related to raw material security, environmental challenges and land acquisition.

Addressing the Steel Summit 2014 organised by the Confederation of Indian Industry, Mr Sai said that discussions are already taking place on the establishment of an eastern corridor to address freight and other logistics issues faced by the industry.

Mr Sai said that there should also be a national body to supervise and undertake research in the steel sector.

Mr Ajay Shriram, president, CII, pointed out that the demand for steel is bound to accelerate with India building the much-needed infrastructure. He said “To develop a roadmap, a joint task force should be created with industry and ministry as partners to bring in all diverse stakeholders together for an action agenda for the sector.”

Mr Rakesh Singh, steel secretary, said that the government’s effort to increase the share of manufacturing in GDP from 16% to 25% puts great responsibility on the steel sector. Mr Singh said that discussions were on regarding formation of special purpose vehicles.