The Ministry of Steel on August 2nd 2024, issued a notification on the Labelling and Branding of Steel Sectors Products. The key points and initiatives that are shaping the future of India’s steel sector and its broader manufacturing landscape include the following:
New Labelling Initiative for Steel Products
To enhance the transparency and traceability of steel products, the Indian government has introduced a new branding initiative. Steel products will now feature a Made in India label along with a QR Code. This code will provide comprehensive details about the product, benefiting both domestic consumers and international buyers. This pilot rollout, already in progress at major Integrated Steel Plants, aims to ensure that the origin and quality of steel products are clear and verifiable.
Government Initiatives to Promote Make in India
The government has rolled out several initiatives to support the vision of making India a global manufacturing powerhouse:
Economic Packages and Investment Opportunities:
Atmanirbhar Packages: These packages are designed to support and enhance India’s self-reliance in manufacturing and other sectors.
National Infrastructure Pipeline (NIP) and National Monetisation Pipeline (NMP): These initiatives provide a structured approach to infrastructure development and monetization.
India Industrial Land Bank (IILB) and Industrial Park Rating System (IPRS): These systems are aimed at streamlining land acquisition and improving industrial park quality.
National Single Window System (NSWS): This platform simplifies and expedites regulatory approvals for businesses.
Production Linked Incentive (PLI) Schemes:
In the Union Budget 2021-2022 an outlay of Rs 1.97 Lakh crore was announced for PLI schemes across 14 key manufacturing sectors. This initiative, starting the fiscal year 2021-22, is aimed at boosting production, skill development, employment, economic growth and exports.
Fast-Tracking Investments:
An institutional mechanism, known as Project Development Cells (PDCs), has been established in various Ministries and Departments to expedite and facilitate investments.
Make in India 2.0:
The updated Make in India initiative now focuses on 27 sectors, with efforts concentrated on enhancing international cooperation and attracting both domestic and foreign investment. Outreach activities are conducted through various Ministries, State Governments, and Indian Missions abroad.
These initiatives reflect the government’s commitment to strengthening India’s manufacturing sector and positioning the country as a global leader in production and exports. By implementing these strategies, India aims to enhance its industrial capabilities, attract substantial investments, and foster a robust, self-reliant economy.
