Aug 01: National Steel Policy, 2017 envisages a steel production capacity of 300 MT (Million Tonnes) by 2030 by enhancing domestic per capita consumption to 160 kg by 2030. Currently, the crude steel capacity of the country is 161.30 MT in 2022-23 and the data on production of crude steel during the current year i.e., April-June 2023-24 and the same period of last year is given below:-
The Government of India has taken various steps for facilitating an increase in steel production and consumption in this regard: –
- Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) policy for promoting Made in India steel for Government procurement.
- Establishment of a Project Development Cell (PDC) which identifies projects to facilitate new investments, evaluates the pipeline of projects and takes necessary steps to fast-track their implementation.
- Notification of Production-Linked Incentive (PLI) Scheme for Specialty Steel with an outlay of ₹6,322 Crore to promote the manufacturing of speciality steel within the country.
- Participation in events like World Expo held recently in Dubai, and the interaction of Ministerial delegations with domestic steel users in Japan, Korea, and Russia to highlight the expertise of the steel sector in India and showcase an array of investment opportunities as well as business potential in India’s Steel sector.
- Make in India initiative and the PM Gati-shakti National Master Plan with further engagement with potential users, including from Railways, Defence, Petroleum and Natural Gas, Housing, Civil Aviation, Road Transport and Highways, Agriculture and Rural Development sectors to enhance the steel usage, overall demand for steel and investment in the steel sector in the country.
- Adjustments in Basic Customs Duty on steel products and raw materials along with calibration of trade remedial measures on certain steel products to enhance the competitiveness of India’s steel sector.
- Coordination with Ministries and States, besides other countries for facilitating availability of raw material for steel making on more favourable terms.
This information was given by the Union Minister of State for Steel Sh. Faggan Singh Kulaste in a written reply to a question in Rajya Sabha today.Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.