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CONTRIBUTION OF STEEL SECTOR TO INDIA’s GDP


New Delhi, November 16, 2016
Kartika 25, 1938

Indian Steel Sector’s contribution to overall Gross Domestic Product of the country is nearly 2% during 2015-16.

The total exposure of steel industry is about Rs. 3.13 lakh crore out of which Gross Non Performing Assets is about Rs. 1.15 lakh crore.  This works out to 36.94% of total loan outstanding as on March, 2016

At the instance of Government, RBI has also recently reduced the overall policy rates which are expected to get translated into reduction in actual lending rates. The RBI accorded a flexible refinancing repayment option, popularly known as 5:25 scheme for long-term infrastructure projects, including steel where total exposure of the bank is above Rs. 500 crores. RBI has also brought in Strategic Debt Restructuring scheme to help debt ridden companies including steel companies. Further, in June 2016, RBI brought in another scheme called Scheme for Sustainable Structuring of Stressed Assets, also known as S4A scheme, with the same objective. The Government has taken a slew of measures to strengthen the positioning of the steel industry in the domestic market. They include imposition of antidumping and safeguard duties on a range of steel products with the objective of eliminating/reducing low priced unfairly treaded steel from countries such as China which negatively impacted profitability of the domestic steel producers and simultaneous loss of market share. The Government has initiated simultaneously wide ranging investment plans in infrastructure which is expected to increase the demand for steel.

This information was given by the Minister of State in the Ministry of Mines Sh. Vishnu Deo Sai in reply to a question in Rajya Sabha today.

Decisions taken by the Union Cabinet



Decisions taken by the Union Cabinet
Cabinet approves Status-cum-Progress Report and constitution of “Special Committee for Inter-Linking of Rivers” in compliance of judgment of Supreme Court
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its Consent to the Status-cum-Progress Report and constitution of “Special Committee for Inter-Linking of Rivers” in compliance of Supreme Court judgment dated 27.2.2012 in the matter of Writ Petition (Civil) 512 of 2002: Networking of Rivers along with Writ Petition No. 668 of 2002.
Approval of the Union Cabinet will help in monitoring of the precious Inter-linking of River Projects to be carried out under National Perspective Plan 1980 of Government of India. The Status-cum-Progress Report of Special Committee for Inter-linking of Rivers will be submitted bi-annually for information of Cabinet, which will facilitate faster and appropriate decisions in the interest of the country as expeditiously as possible.
Cabinet approves Development of Trunk Infrastructure Components as part of Phase-II Development of the Shendra Bidkin Industrial Area in Maharashtra under Delhi Mumbai Industrial Corridor (DMIC) Project
The Cabinet Committee on Economic Affairs (CCEA), chaired by the Hon’ble Prime Minister Shri Narendra Modi has given its approval to the following:
ü Construction of trunk infrastructure for Phase II of Part I of Shendra Bidkin Industrial Area (SBIA) namely the Bidkin region spread across 31.79 sq km (3,179.20 ha) at an estimated project cost of Rs. 6,414.21 crore;
ü Investment of Rs. 2,397.20 crore as equity of DMIC Trust in the City/ Node SPV in a phased manner; and
ü Issuance of EPC tenders for selection of contractors for various packages of trunk infrastructure in a phased manner.
In accordance with the institutional and financial structure approved by the Government of India for DMIC projects, the project will be implemented through Aurangabad Industrial Township Limited (AITL). It is a Special Purpose Vehicle (SPV), constituted as Joint Venture between DMIC Project Implementation Trust Fund (DMIC Trust) and MIDC. DMIC Trust has already released its share of equity of Rs. 602.80 crore in the company towards development of 8.39 sq km in Phase I of Part I of Shendra Bidkin Industrial Area.
Following five trunk infrastructure components are being considered for the Bidkin Industrial Area of 31.79 sq km, as part of Phase-ll development of the Shendra Bidkin Industrial Area (SBIA) near Aurangabad , Maharashtra :
ü Roads and Utility Services;
ü Pipe line from Jayakwadi Dam to Bidkin and Water Treatment Plant (WTP);
ü Information, Communication and Technology (ICT) works;
ü Sewage Treatment Plant (STP) and Common Effluent Treatment Plant (CETP), Solid Waste Management (SWM); and
ü Area Landscaping for Bidkin.
Development of trunk infrastructure in Phase-II (Bidkin Region) of SBIA will be undertaken in three phases commencing from FY 2016-17 and is likely to be completed by FY 2020-21.
The estimated cost of the five packages of trunk infrastructure is Rs.6,414.21 crore. As per the institutional and financial structure approved by the Government of India for DMIC project, land for the project will be contributed by the State Government as their equity. DMIC Trust will implement various trunk infrastructure components subject to a ceiling of Rs.3,000 crore. Out of this, an equity of Rs.602.80 crore has already been released for phase I earlier by the DMIC Trust. Balance Rs. 2,397.20 crore will be released for phase 2 of Part I. The value of land brought in by the State Government would be the equity contribution of the State Government. The balance funding, i.e., funding over and above the contributions from the Gol and the State Government, required for the trunk infrastructure shall be met from the internal accruals of the SPV/ debt raised by the SPV as may be required.
Investment in the development of trunk infrastructure is essential for the creation of a greenfield smart industrial city. The response for Phase 1 of part I of SBIA has been very encouraging and industries in automobile, engineering, electronic system design and manufacturing (ESDM) sectors have expressed their interest. Development of the SBIA as a manufacturing hub will generate a series of direct and indirect benefits through employment, enhanced GDP, development of ancillary units and spin-off of socio-economic benefits. Inclusion of sustainable and green building practices will create benchmarks for urban development in the country. The 31.79 sq km of land for Bidkin Industrial Area has been acquired by Maharashtra Industrial Development Corporation (MIDC) and is in possession of MIDC

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