WORLD'S 2ND LARGEST PRODUCER OF STEEL: INDIA
- India has experienced significant growth in the steel sector, becoming the world's 2nd largest producer. The sector is crucial for industries like construction, infrastructure, automobiles, engineering, and defence.
Recent Initiatives for Steel Sector Growth
- Production Linked Incentive (PLI) Scheme: Specialty Steel has been included in the PLI Scheme, with a financial outlay of above ₹6000 crore over 5 years.
- This aims to boost Specialty Steel manufacturing domestically, attracting investment and promoting technology upgrades.
- Green Steel Making: In line with India’s commitments towards net-zero emissions, as outlined in COP-26, the Ministry of Steel (MoS) has taken various steps towards decarbonization of the steel sector
- 13 Task Forces, involving industry, academia, and other stakeholders, have been formed by MoS to discuss and recommend decarbonization strategies.
- The Ministry of New and Renewable Energy (MNRE) launched a National Green Mission for green hydrogen production, involving the steel sector as a stakeholder.
- The steel industry is implementing Best Available Technologies (BAT) from global sources in modernization and expansion projects.
- Engagement with PM Gati Shakti National Master Plan: MoS integrated capabilities of Bhaskaracharya National Institute for Space Applications and Geo-informatics (BISAG-N) into the PM Gati Shakti National Master Plan.
- Geolocations of over 2000 steel units were uploaded to gain insights into steel production facilities.
- This information will assist in planning railway line extension, inland waterways, highways, ports, and gas pipeline connectivity.
- Steel Scrap Recycling Policy (SSRP): SSRP, notified in 2019, facilitates establishment of metal scrapping centres for scientific processing and recycling of ferrous scrap, including end-of-life vehicles.
- National Infrastructure Pipeline Projects: MoS actively addresses issues related to National Infrastructure Pipeline projects of steel companies with concerned Central/State Government, Ministries/Departments.
- National Steel Policy: It outlines a roadmap for long-term growth of the Indian steel industry by 2030-31.
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