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Coordinated industry effort has resulted in massive response to PLI scheme for production of specialised steel: Scindia

Coordinated industry effort has resulted in massive response to PLI scheme for production of specialised steel: Scindia

The minister further emphasised that the industry also had the very important task of producing a superior ‘Made in India’ steel brand for global consumption.

The minister said that the Indian steel sector had immense growth potential as the industry formed the foundation and the fulcrum for any emerging, developed or world order economy to transpose itself onto the world stage. The minister said that the Indian steel sector had immense growth potential as the industry formed the foundation and the fulcrum for any emerging, developed or world order economy to transpose itself onto the world stage.

The government’s Rs 6,220 crore Production Linked Incentive (PLI) scheme inviting applicants for the manufacture of specialty steel has received an overwhelming response from the industry, union minister for steel, Jyotiraditya Scindia has said.

“We have received close to 79 applications from 35 companies looking at putting in place a capacity of close to 28 million tonnes (MT) per annum of new specialty steel, which will result in the creation of close to 70,000 jobs,” the minister said in reply to a question from CEO & managing director of Tata Steel, TV Narendran, at the 49th convention of the All India Management Association’s (AIMA), the body for the regulation and licensing of the management profession, in New Delhi on Tuesday.

Saying that this was a result of coordinated efforts being put in by the government, the private sector and the central public sector enterprises (CPSEs), where the government had gradually moved away from its role of being a regulator to that of being a facilitator.

Referring to the Vision 2030 document for the world’s second-largest steel industry, the minister said that the country’s target of doubling steel production from the present 155 MT to 300 MT, had to be driven by both the integrated producers such as SAIL and Tata steel as well as the secondary producers.

“The very fact that we have a Rs 10.7 lakh crore Capex plan in place from the government side will [help] increase the demand for steel multifold. We have seen an increase in demand of about 10.6 per cent in the last fiscal and I am very confident that we will only continue to grow,” the minister asserted.

The minister further emphasised that together with increasing the production capacity of the alloy, implementing industrial safety measures and moving to green steel, the industry also had the very important task of producing a superior ‘Made in India’ steel brand for global consumption.

“That’s not only the story of the Aatmanirbhar Bharat (self-reliant India) but that is the story of Bharat (India) appearing on the world stage as a world-class producer of steel. We need to put the parameters into place so that we get that ‘Made in India’ brand, irrespective of the producer while ensuring there is no dilution in the quality of steel that goes out of our country,” he said.

The minister said that the Indian steel sector had immense growth potential as the industry formed the foundation and the fulcrum for any emerging, developed or world order economy to transpose itself onto the world stage.

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