India aims to double steel production capacity to 300 MT by 2030-31
India aims to more than double its annual crude steel production capacity to 300 million tonnes (MT) by 2030-31 from 144 MT currently, the Union Steel Minister said on Monday, Ram Chandra Prasad Singh. “The country’s current annual crude steel capacity is 144 MT and is expected to reach 300 MT by 2030-31. The National Steel Policy, 2017 aims to provide an enabling environment for achieving this goal by providing political support and advice to steel producers,” Singh said in a written response to a question in the Rajya Sabha.
The priority for this sector is evident from the fact that 40% of manufacturing investment in India was made by companies in the steel sector in 2020-21, the minister said. Singh said the government has taken a number of initiatives to increase the use of domestically produced steel and import substitution.
Initiatives taken by the Ministry of Steel include Notification of Domestically Manufactured Steel Products (DMI&SP) Policy to promote sourcing of Made in India Steel, Notification of Steel Scrap Recycling Policy of steel to improve the availability of domestically produced scrap and the Production Linked Incentive (PLI) scheme for special steel with an outlay of Rs 6,322 crore. (ANI)
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