Steel sector holds interactions in Japanese, Korean and Russian markets
The Government has notified Rs.6,322 crore Production-Linked Incentive (PLI) Scheme for Specialty Steel to attract capital investments and promote local manufacturing for domestic and export markets.
A Project Development Cell (PDC) has been established in the Ministry which is engaged in identifying projects to facilitate new investments, evaluating the pipeline of projects and taking necessary steps to fast-track their implementation.
These updates were given by Minister of State for Steel, Faggan Singh Kulaste, in a written reply in the Rajya Sabha on 1 Aug 2022.
The Indian steel industry has also held interactions with Japanese, South Korean and Russian steel users, showcasing an array of investment opportunities as well as business potential.
The sector also participates in events like world expo held recently in Dubai, he added.
Ongoing campaigns are held in promotion of steel in the local market through Make in India initiative and the PM Gati-shakti National Master Plan by engaging potential users, including Railways, Defence, Petroleum and Natural Gas, Housing, Civil Aviation, Road Transport and Highways, Agriculture and Rural Development sectors.
Further, certain steel products competitiveness is enhanced by adjustments in Basic Custom Duty on steel products and raw materials along with calibration of trade remedial measures like Anti-dumping duty (ADD), Countervailing duty (CVD).
India is the 2nd largest producer of Crude Steel in the world, and had produced 120 million tonnes in 2021-22. fiinews.com
