Steel Minister B K Tripathy on Tuesday said the new steel policy would be ready by early next year.
"The new steel policy will come into force by early next year," he told reporters on the sidelines of a special meeting of Indian Stainless Steel Development Association, in New Delhi.
The policy would address all the issues confronted by the steel industry and spell out the roadmap of the industry till 2020, he said.
"It will contain all policy and fiscal frameworks for the growth of the steel industry," Tripathy said.
The draft proposals, prepared by the ministry, are in the final stage and consultation with various industry bodies is currently on to incorporate their perspectives in it, he said.
Commenting on the status of the policy, V K Duggal, steel secretary, said, "We will definitely have the policy ready before the current fiscal ends."
The policy would have a special focus on how current level of domestic consumption could be raised, he said.
It would also address the problems of the supply chain in a developmental regime, in contrast to the earlier regulated regime, Duggal added.
On the status of Indian steel industry, the minister said, "The forces of revival that helped the turnaround continue to sustain the process of revival and resurgence."
The domestic stainless steel production stands at 1.2 million tonnes, representing a 5.58 per cent share in the total global 21.5 million tonnes production.
