BOOSTING DOMESTIC STEEL PRODUCTION
BOOSTING DOMESTIC STEEL PRODUCTION
The PM Gati Shakti and National Infrastructure Pipeline envisage an integrated planning and coordinated execution of infrastructure projects and provide high quality infrastructure in the country. Steel is a deregulated sector and the government acts as a facilitator for creating a conducive policy environment for the development of steel sector. Decisions regarding setting up of a steel plant is taken by industry based on techno-commercial considerations including market demand, raw material availability, logistics requirement etc. No steel production clusters have been proposed or established. For the development of steel sector, Government has taken measures which include the following:-
The current status of adoption and promotion of green steel technologies and incentives available to assist the industry in transitioning from carbon-intensive methods are as follows:-
This information was given by the Minister of State for Steel and Heavy Industries and Steel, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.
- Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting ‘Made in India’ steel for Government procurement.
- Launch of the Production Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of ‘Specialty Steel’ within the country and reduce imports by attracting capital investments.
- Thrust in the Union Budget to infrastructure expansion which has contributed to increasing steel consumption.
- Calibration in Basic Customs Duty on raw materials such as Ferro-Nickel and ferrous scrap imports to reduce input costs.
- Revamping Steel Import Monitoring System (SIMS) for monitoring of imports to provide granular details on imports to the domestic steel industry.