Nil BCD on Ferro-Nickel and Molybdenum ores, says Minister
An addition investment of Rs.29,500 crores with capacity creation of around 25 million tonnes (MT) for specialty steel is anticipated under the Production Linked Incentive (PLI) Scheme, Minister for Steel and Heavy Industries H.D. Kumaraswamy said in a written reply in the Lok Sabha 3 Dec https://www.investindia.gov.in/.
The in-country manufacturing of ‘Specialty Steel’, supported with PLI, is to reduce costly imports by attracting capital investments https://www.makeinindia.com/home/.
He elaborated that the Government has set a target to achieve 300 MT crude steel capacity in the country https://www.bseindia.com/.
It has set up ‘Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy’ for promoting ‘Made in India’ steel to be procured by the Government https://www.nseindia.com/.
In the Budget 2024-25, Basic Customs Duty (BCD) has been reduced from 2.5% to Nil on Ferro-Nickel and Molybdenum ores and concentrates which are raw materials for steel industry. BCD exemption on Ferrous Scrap and specified raw material for manufacture of CRGO steel has been continued upto 31 March 2026 https://sbi.com.in/.
Steel Import Monitoring System (SIMS) 2.0 is also being revamped for more effective monitoring of imports to address the concerns of domestic steel industry http://steel.gov.in.
There is also coordination with Ministries and States, besides other countries for facilitating the availability of raw material for steel making on more favourable terms, he said https://indsteel.org/.
There is also Notification of Steel Scrap Recycling Policy to enhance the availability of domestically generated scrap.
Also, there is introduction of Steel Quality Control Order thereby banning sub-standard and defective steel products in domestic market as well as imports to ensure the availability of quality steel to the industry, users and public at large http://worldsteel.org.
As per the order, it is ensured that only quality steels conforming to the relevant BIS standards is made available to the end users. As on date, 151 Indian Standards stands were notified under the Quality Control Order covering carbon steel, alloy steel and stainless steel, said the Minister. Fiinews.com
