What was the policy of government in 1991 about the iron and steel industry in India?
In the new Industrial Policy
announced in July 1991 Iron and Steel industry, among others, was removed from
the list of industries reserved for the public sector and also exempted from
the provisions of compulsory licensing under the Industries (Development and
Regulation) Act, 1951.
With effect from 24.5.92, Iron
and Steel industry has been included in the list of `high priority' industries
for automatic approval for foreign equity investment upto 51%. This limit has
been recently increased to 100%.
Price and distribution of steel
were deregulated from January 1992. At the same time, it was ensured that
priority continued to be accorded for meeting the requirements of small-scale
industries, exporters of engineering goods and North Eastern Region of the
country, besides strategic sectors such as Defence and Railways.
In the new Industrial Policy announced in July 1991 Iron and Steel industry, among others, was removed from the list of industries reserved for the public sector and also exempted from the provisions of compulsory licensing under the Industries (Development and Regulation) Act, 1951.
With effect from 24.5.92, Iron and Steel industry has been included in the list of `high priority' industries for automatic approval for foreign equity investment upto 51%. This limit has been recently increased to 100%.
Price and distribution of steel were deregulated from January 1992. At the same time, it was ensured that priority continued to be accorded for meeting the requirements of small-scale industries, exporters of engineering goods and North Eastern Region of the country, besides strategic sectors such as Defence and Railways.
