India has set an ambitious target of achieving an annual steel production capacity of 300 million tons by 2030. The announcement was made by the Union Minister of Steel, Ram Chandra Prasad Singh, in February 2021.
To achieve this target, the government has undertaken several initiatives, including the National Steel Policy 2017, which aims to increase the domestic steel production capacity to 300 million tons by 2030. The policy also focuses on developing steel clusters and promoting research and development in the sector.
In addition, the government has launched various schemes and initiatives to encourage foreign investment in the steel sector, such as the Production Linked Incentive (PLI) scheme and the National Infrastructure Pipeline (NIP).
The steel sector is one of the key drivers of India's economy, and the government's focus on increasing its production capacity is expected to create more employment opportunities and boost economic growth. However, achieving this target would require significant investments in infrastructure, technology, and skill development.
Today 16 FEB 2023, the Union Minister of Steel and Civil Aviation Shri Jyotiraditya Scindia said that at present India is the fourth largest producer of Zinc in the world and 80% of Zinc produced in India is consumed domestically. Addressing the fourth Global Zinc Summit -2023 here today, Shri Scindia stated that Indian Railways and Steel Authority of India Limited (SAIL) are working together to produce corrosion free steel. With anti-corrosion features and quality to prevent oxidation in steel products, zinc has tremendous marketing potential for sectors like renewable energy, rural electrification, galvanizing the structure in smart cities etc. Galvanized steel will give long life to infrastructure made in our long coastal line, the Minister added.
Touching upon the crucial strides made by India’s steel sector, Minister Shri Scindia stated that large scale augmentation will be done to double production from present capacity of 150 million tonnes per annum to 300 million tonnes per annum by 2030. India has already emerged as the second largest steel producer in the world and our per capita steel consumption has gone up from 57 kg to 78 kg during the last nine years, Shri Scindia said.
The Minister said that we have awarded 54 applications submitted from close to 26 companies under the Production Linked incentive (PLI) for specialty steel. The Union Cabinet in July 2021 approved a Rs 6,322-crore PLI scheme to boost the production of speciality steel in India. The PLI will help to extent production capacity of 26 Million Ton per annum and investment of Rs 30,000 crore with the employment generation for 55,000 people. The Minister added that government has announced a huge capex of Rs 10 lakh crore for infrastructure development which has opened tremendous investment opportunities across the sectors.
Highlighting the Prime Minister’s commitment to net zero carbon emission by 2030, the Steel Minister said, “we have to learn to coexist with the environment, we have to learn to respect the environment, there can no longer be a linear model of take, make and dispose. Recycling has to become a part of our existence”.
Member of Parliament Shri Raju Bista, Shri Arun Misra CEO, HZL, Dr. Andrew Green, ED, IZA and Delegates from Europe, America and Asia were present in the program.
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