The Press Information Bureau has released a press release on the development of the steel sector. The release was issued on 14th December 2022. The release elucidates that the government has taken measures to provide and environment of self-sufficiency in steel productions. These measures include:
- A Project Development Cell (PDC) has been established to identify projects to facilitate new investments, evaluate the pipeline of projects and take steps to fast-track their implementation.
- Notification of Production-Linked Incentive (PLI) Scheme for Specialty Steel with an outlay of Rs. 6,322 Crore. It aims at promoting the manufacture of specialty in India for domestic use and export by attracting capital investments.
- Participation in events like world expo held recently in Dubai, interaction of Ministerial delegation with domestic steel users in Japan, Korea, 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 steel sector in the country.
- 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) on certain steel products to enhance competitiveness of India’s steel sector.
- Salem Steel Plant is under Strategic disinvestment which was approved by ‘in-principle’ by the Union Cabinet on 27th Oct’2016.
Pertinently, India is the 2nd largest producer of Crude Steel in the world and Crude Steel capacity in 2019-20 was 142.299 mt(million tonnes) which is increased to 154.062 in 2021-22.