How Ministry of Steel's SIMS 2.0 portal will help industry?

The Ministry of Steel has unveiled SIMS 2.0, an upgraded Steel Import Monitoring System designed to enhance steel import tracking with improved data accuracy and risk management. This portal aims to boost transparency and efficiency, supporting the growth of India's domestic steel industry.

Despite being the second-largest steel producer globally, India's steel imports remained significant, with around 8 million tonnes (mnt) in 2023-24. Accurate monitoring of these imports is crucial for maintaining a healthy trade balance, boosting domestic production, and fostering investment in the steel sector.

In addition, Union Minister H.D. Kumaraswamy released the second volume of "Safety Guidelines for the Iron and Steel Sector," updating safety protocols for 16 processes to improve industry safety and productivity.

SIMS 2.0 is a key step towards strengthening domestic steel production and managing import levels effectively.

Key features of SIMS 2.0:

• Robust data entry system: Ensures consistent, accurate, and authentic data, promoting transparency and accountability.
  
  
• API integration: Connects with multiple government portals to streamline processes and enhance quality control.
  
  
• Improved risk management: Enables better identification of potential risks by integrating various databases, allowing for more effective oversight of steel imports.
  
  
• Enhanced monitoring: Facilitates detailed tracking of steel imports, providing valuable data for policy-making and industry growth.
  
  
• Customs support: Assists Customs in conducting more thorough analyses and risk assessments of steel imports.
  
  
• Collaborative development: Developed with contributions from DGFT, BIS, and MSTC Ltd., ensuring a comprehensive approach to monitoring and management.
  
  

Impact of SIMS 2.0 on trade:

• Enhanced transparency: By providing accurate and consistent data on steel imports, SIMS 2.0 promotes greater transparency in trade practices, helping stakeholders make informed decisions.
  
  
• Improved risk management: The system's advanced risk management features enable better identification of potential trade risks, reducing the likelihood of illegal or non-compliant imports.
  
  
• Streamlined processes: API integration with other government portals simplifies and speeds up the import process, reducing administrative burdens and delays.
  
  
• Policy support: Detailed import data supports evidence-based policy-making, allowing for more effective trade regulations and measures to protect the domestic steel industry.
  
  
• Boosted domestic industry: By monitoring imports more effectively, SIMS 2.0 helps safeguard domestic steel producers from unfair competition and encourages growth within the local industry.
  
  
• Customs efficiency: Enhanced data and risk assessment capabilities assist Customs in conducting more accurate inspections and analyses, improving overall trade management.