India: Government’s import bill down Rs 8,000 crore on domestic steel procurement policy

15 Nov 2018: The government has been able to save Rs 8,000 crore worth of import bill ever since it has promulgated the policy of preference to domestic steel producers in the case of PSU procurement. Union steel secretary Binoy Kumar said, the policy came into force from May 2017. It has been estimated that the government can save import bills worth up to Rs 39,000 crore per annum if the capital goods industry can source the required steel domestically for manufacturing critical capital goods instead of imports.