India's Ministry of Steel Accelerates Green Innovation and Domestic Manufacturing in Steel Sector
Key Ideas
  • Ministry of Steel in India is focusing on global strategies for steel, emphasizing raw materials, technology, and exports to align with international practices.
  • Initiatives like the Green Steel Mission and PLI Scheme for Specialty Steel are driving sustainability and quality control in the steel sector.
  • The 'Green Steel Mission' with an estimated outlay of Rs15,000 crore aims to promote decarbonization in the steel industry and support net-zero goals.
  • Policy measures, such as the PLI Scheme for Specialty Steel and initiatives like Direct Reduced Iron production using hydrogen, showcase India's commitment to green innovation and self-reliance in steel manufacturing.
The Ministry of Steel in India is formulating a comprehensive global strategy for the steel sector, focusing on raw materials, investments, technology, and exports to align with international best practices. The ministry is exploring partnerships and collaborations to position India as a global leader in steel production and exports. Notable initiatives like the Green Steel Mission and the Production Linked Incentive (PLI) Scheme for Specialty Steel are enhancing sustainability, fostering domestic manufacturing, and ensuring quality control in the sector. The 'Green Steel Mission' spearheaded by the ministry aims to promote decarbonization in the steel industry through a series of initiatives including a PLI Scheme for Green Steel and incentives for renewable energy use. The National Green Hydrogen Mission, in alignment with this, has allocated funds for pilot projects in the steel sector. Various developments under the Green Steel Mission, such as the 'Roadmap and Action Plan' for decarbonization, Taxonomy for Green Steel, and Steel Scrap Recycling Policy, highlight India's commitment to green innovation. The government's efforts to reduce imports and strengthen domestic steel manufacturing include the implementation of the PLI Scheme for Specialty Steel, attracting significant investments and creating direct jobs. Additionally, policy measures like extending duty exemptions on ferrous scrap and reducing Basic Customs Duty on Ferro-Nickel are supporting the domestic stainless steel industry. Despite challenges in coking coal supply, India is actively working on diversifying sources through partnerships and exploration missions.
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