Govt Actions Have Bolstered Indian Steel Production and Export: Kulaste

Several measures have been undertaken by the government, focusing on enhancing steel production and export, contributing significantly to the Indian steel industry.

DESK – The Union Minister of State for Steel, Faggan Singh Kulaste, provided an insight into the government’s measures aimed at boosting the steel industry, in a written response to a question in the Rajya Sabha today.

He highlighted a few significant steps taken in recent years, including the announcement of a steel scrap recycling program to increase the supply of locally produced scrap.

Further, the public announcement of the Domestically Manufactured Iron & Steel Products (DMI&SP) Policy was done to promote the use of Made in India Steel in public and government projects.

The government’s proactive steps also include the notification of the national steel policy in 2017, which serves as a guide for the industry.

A notable initiative is the announcement of the Production-Linked Incentive (PLI) Scheme for specialty Steel. The scheme, with a budget of $6,322 billion, aims to stimulate local production of specialty steel, attract capital investments, and reduce imports.

Despite these measures, the government does not set the goals for steel production, internal consumption, or export since the industry is deregulated.

Instead, individual steel companies make their decisions regarding production, internal consumption, and export based on market demand and other business factors.

Details of production, consumption, and export over the last three years and the current year were also provided, with the data sourced from the Joint Plant Committee.

(Figures in Million Tonnes)