Govt framing policy to attract foreign investors in steel sector: Reports 10/05/2017

Govt framing policy to attract foreign investors in steel sector: Reports
10/05/2017

The Indian Government has said that India is making a policy among a variety of measures aimed at attracting foreign investment into the world's third largest steel producing market.
As per reports, India is famous for making it difficult for foreign companies such as POSCO to buy land, losing out on billions of dollars of investments in key sectors such as steel and preventing the transfer of technology to local companies. Fluctuations in the domestic price of iron ore, which is determined by local miners, has also deterred investors.
Commenting on the issue, Steel Secretary Aruna Sharma told the media that her department was preparing several policies aimed at boosting investor confidence after Prime Minister Narendra Modi last week approved a plan to nearly triple domestic steel capacity and raise consumption manifold by 2030.
“The government will soon issue detailed guidelines on the mandatory use of locally made steel in big government projects, and use international benchmarks to prevent companies from jacking up prices through cartels, she added.
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