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Our Bureau

New Delhi , Nov. 3

INDIA Inc welcomed the Cabinet clearance of the new steel policy on Thursday, which targets the per annum steel production of 100 million tonnes by 2020 from the existing level of 30 million tonnes.

The Federation of Indian Chamber of Commerce and Industry said the policy paves way for India emerging as a leading supplier of steel in the world. Given its intrinsic advantage in terms of abundant availability of iron ore and other inputs, India is poised as a major steel player, the chamber said, adding that it would also help in augmenting domestic demand.

The Associated Chamber of Commerce and Industry of India too welcomed the move. It said the new steel policy, for which industry had been waiting for a long time, was aimed at ensuring a compound annual growth rate of 7.3 per cent.

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