The Government acts as a facilitator, by creating Conducive Policy Environment for Development of the Steel Sector
The Government acts as a facilitator, by creating Conducive Policy Environment for Development of the Steel Sector
India became the world’s second-largest steel producer in 2018 surpassing Japan and remained so since then. Data on steel production released by World Steel Association on a calendar year basis is given below for the year 2017 to 2023 which indicated a compounded annual growth rate (CAGR) of 5.54% for India in comparison to 1.42% for the whole world.
Year
World Crude Steel Production(Mt)
India Crude Steel Production(Mt)
2017
1739
102
2018
1831
109
2019
1880
111
2020
1885
100
2021
1963
118
2022
1890
125
2023
1892
141
Source: World Steel Association, Mt=million tonnes
Steel is a de-regulated sector. The Government acts as a facilitator, by creating conducive policy environment for development of the steel sector. The measures taken by the Government to improve production and consumption of steel in the country are as under: –
The steps taken by Government for promoting decarbonisation in steel industry are as under:
This information was given by the Union Minister of State for Steel and Heavy Industries Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.
- Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting Made in India steel for Government procurement.
- The Government has launched the Production Linked Incentive (PLI) Scheme for specialty steel to promote the manufacturing of ‘Specialty Steel’ within the country and reduce import by attracting capital investments. The anticipated additional investment under PLI Scheme for specialty steel is Rs. 29,500 crores and an additional capacity creation of around 25 million tonnes (MT) for specialty steel.