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Saturday, Dec 11, 2004

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Govt rules out regulatory body for steel sector

Our Bureau

Mr Ram Vilas Paswan

New Delhi , Dec. 10

THE Government today ruled out the possibility of forming a regulatory body for keeping a check on steel prices, according to an official release.

Since steel prices have been stable for the last few months, an independent regulatory body at this stage is not necessary, the Minister for Steel, Chemicals and Fertilisers, Mr Ram Vilas Paswan, told the Rajya Sabha on Friday.

He added that prices were being monitored regularly and the Government would intervene if necessary. The Minister also said that a draft National Steel Policy has been formulated which targets a production of over 100 million tonnes by the year 2020. The objective of the National Steel Policy is to create enabling conditions for globally integrated Indian steel industry and to expand its production base adequately in response to the anticipated increase in domestic and overseas demand in the coming decade, he said.

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