Entrepreneurs can set up steel plants anywhere in the country: Singh

Subscribe to Oneindia News

New Delhi, Nov 19 (ANI): The Union Government on Thursday announced that entrepreneurs are free to set up steel plants anywhere in the country except in restricted locations based on their commercial judgement.

In a written statement to the Lok Sabha, Union Steel Minister Veerabhadra Singh said: "According to the New Industrial Policy announced in July 1991 steel industry has been de-licensed and removed from the list of industries reserved for the public sector subject to certain locational restrictions."

"No industrial license is, therefore, required for setting up steel plants under the Industrial (Development and Regulation) Act, 1951 and the entrepreneurs are free to set up such plants anywhere in the country except in the restricted locations based on their commercial judgement," he added.

Singh said the government has no direct role in amendment of infrastructural facilities in the steel industries, which are carried out by the respective companies under modernization and capacity expansion programmes.

The minister also informed the house, as per the information available with the Steel Ministry, that 222 Memoranda of Understanding (MoU) have been signed by various state governments for setting up various steel units in their respective states for total capacity of 275.698 million tones.

Singh also informed members of the lower house about measures taken by the government to help the steel industry, including small and medium steel producers to overcome the situation arising out of the global financial crisis. (ANI)

Please Wait while comments are loading...