The Hindu Business Line : Paswan proposes steel regulatory commission

THE Minister for Steel, Chemicals and Fertilisers, Mr Ram Vilas Paswan, on Saturday proposed the setting up of a National Steel Regulatory Commission for looking at the pricing and distribution issues of the domestic steel industry.

This, he said, was to ensure that steel products reached consumers in adequate quantities and at reasonable prices. After the meeting of the National Steel Consumers' Council here, Mr Paswan told newspersons that the proposal for a steel regulatory commission would be put up before the Government within three months.

"I have accepted a proposal for establishing a steel regulator and I will take it to the Government within next three months," he said.

Mr Paswan also proposed to bring down the import duty on scrap from five per cent currently to zero and re-examine whether curbs on iron ore exports were necessary to meet domestic demand. The Minister stressed on the need to protect theconsumers' interest and pointed out that the Government had little direct control over the steel market following the sectoral liberalisation in 1992.

However, Mr Paswan said that although most of the production capacities were in private hands, legislations like the Essential Commodities Act could be invoked for curbing any rise in prices due to hoarding and other reasons.

Mr Paswan said that the proposed national steel policy would envisage the establishment of additional capacities to the extent of nearly 30 million tonnes by 2012 and 70 million tonnes by 2020.

Besides, the per capita steel consumption is also expected to grow to 140 kg from 29 kg over the period. On the demand for restoration of DEPB benefits for exports, he said that no decision had been taken as yet.

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