Policy of using domestic steel has saved Rs.22,400cr on imports
Thirty-five companies have filed 79 applications with close to Rs.46,020 crore investments under the Productivity Linked Incentive scheme for specialty steel.
Announcing this, Steel Minister Jyotiraditya Scindia has told industry stakeholders that the investments will result in increase of almost 26 million tons production capacity and generation of nearly 70,000 jobs.
“This PLI scheme will provide new impetus to domestic steel demand in the coming months, he said while announcing the removal of export duties on steel and stainless steel, heralding a new era for the nation’s steel sector, and allow it to firmly establish its position in the global market.
The Government had withdrawn export duty on iron ores lumps and fines below 58% Fe content, iron ore pellets and the specified steel products including pig iron on 19 Nov 2022.
The import duty concessions on Anthracite / PCI coal, coking coal, coke & semi coke and ferronickel were also withdrawn.
Addressing the third conclave of the Indian Steel Association (ISA) on 21 Nov 2022, Scindia said that the steel sector will not only restore its international footprint but will also reach newer heights in the domestic market in a relatively short period of time.
He reminded the industry of the Prime Minister mandate to enhance capital infrastructure by nearly Rs.17 lakh crore per year, thus increasing demand for steel by close to double digits (approx 10% per year).
The Minister elaborated, “The steel sector has not just emerged from a difficult time during the peak of COVID-19, but has also emerged stronger, more resilient, global, focused and committed.
“Our sector has witnessed a huge transformation during the past eight years, and has emerged globally from being a 4th largest producer to the 2nd largest producer and the 2nd largest consumer of steel.”
He underlined that the mission of achieving self-reliance would involve boosting infrastructure and manufacturing, of which steel is a crucial foundational part.” To that end, the Minister also emphasised on establishing a “Made in India” steel brand.
The policy of using domestic steel has saved Rs.22,400 crores on steel imports, according to the Minister who also urged the industry to adopt a circular economy approach which would involve a gradual movement towards steel production from scrap. fiinews.com
