Govt working on creating environment for steel investment and demand
The specialty steel is expected to attract Rs.29,500 crore investment for creating a 25 million tonnes per annum capacity, in a move to reduce imports, Minister of Steel and Heavy Industries H. D. Kumaraswamy has told the Rajya Sabha on 26 July worldsteel.
To support such investment, the Government has launched the Production Linked Incentive (PLI) Scheme for specialty steel manufacturing within the country investindia , he said.
The environment for overall investment and demand is being created by the Government engagement through engagement with potential users sgx , including from Railways, Defence, Petroleum and Natural Gas, Housing, Civil Aviation, Road Transport and Highways, Agriculture and Rural Development sectors stainless-steel-world-asia.
The Government is coordinating with Ministries and States, as well as other countries, for facilitating the availability of raw material for steel making on more favourable terms, he informed the Sabha steel .
Notification of Steel Scrap Recycling Policy to enhance the availability of domestically generated scrap csc .
Notification of 145 numbers Steel Quality Control Orders to prevent manufacturing and import of non-standardized steel and to make available quality steel products to the public at large sse .
Steel is a de-regulated sector. The Government acts as a facilitator, by creating conducive policy environment for development of the steel sector tatasteel , the Minister pointed out.
Crude steel production in India was 125.4 million tons in 2022 and 140.8 million tons in 2023 jswsteel. Fiinews.com
