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Domestically Manufactured Iron and Steel Products Policy

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Domestically Manufactured Iron and Steel Products Policy

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Questions and Answers

What was the major revision made to the DMI&SP Policy in December 2020?

Excluded capitals goods from the policy coverage

Increased minimum prescribed value addition for domestically manufactured iron and steel products (correct)

Expanded the list of covered products to 50 items

Reduced the domestic content requirement to 10%

Which entities are included in the DMI&SP policy?

All private sector companies

Every Ministry or Department of Government (correct)

Manufacturers outside the country

Non-profit organizations

How did the new list of 49 products affect the competition for government contracts?

Made it harder for imported steel to compete (correct)

Excluded iron and steel products from government procurement

Reduced the minimum value addition requirement

Opened up more opportunities for foreign companies

Which schemes come under the purview of the DMI&SP Policy?

Every project funded in part by Government of India Signup and view all the answers

Why was the DMI&SP Policy introduced in the first place?

To provide preference to locally manufactured iron and steel products Signup and view all the answers

What is the minimum procurement value of iron and steel products for the policy to be applicable to projects?

Rs. 5 lakh Signup and view all the answers

Under what circumstance can Global Tender Enquiry (GTE) be invited for tenders related to procurement of iron and steel products?

When the estimated value is above Rs. 200 Crore Signup and view all the answers

What is the purpose of the DMI & SP Policy?

To promote growth and development of the domestic steel industry Signup and view all the answers

What is the function of the Steel Import Monitoring System (SIMS)?

To provide advance registration of intended steel imports Signup and view all the answers

How much import substitution has the DMI&SP Policy resulted in approximately?

Rs. 26,600 Crore Signup and view all the answers