Scindia has called on mills to increase production of value-added steel
The Ministry of Steel has signed 57 MoUs’ with 27 companies for specialty steel under the Rs.6,322 crore Production Linked Incentive (PLI) Scheme which is expected to generate Rs.30,000 crores investments and additional capacity creation of about 25 million tonnes in the next 5 years.
Steel Minister Jyotiraditya Scindia pointed out that Rs.10 lakh crore Capital Expenditure Plan announced in the Budget 2023 will generate “great demand for our industry”.
India is set to become a power house of manufacturing which will increase the share of Steel in GDP to 5% from 2% as of now.
Scindia has called on mills will make efforts in tandem with the Government to increase production of value-added steel in the country.
The Minister assured the industry that necessary clearances at Union and State level will be done faster and bottlenecks will be removed quickly.
Scindia also called on the industry to manage carbon emission. By keeping the 12% contribution of carbon emission, the industry must move from being a hard to abate sector to a low carbon emission sector and look at carbon neutrality through initiatives such as Green Steel and Green Hydrogen Mission.
India is on course to achieve record production of 125 million tonnes and 11% to 12% growth in consumption levels. fiinews.com
