India's Green Steel Initiative and Specialty Steel Manufacturing Boost
Key Ideas
  • The Ministry of Steel in India is launching a 'Green Steel Mission' with an estimated cost of Rs 15000 Crore to help reduce carbon emissions and achieve a Net Zero Target.
  • The Production Linked Incentive (PLI) scheme for 'Specialty Steel' aims to boost domestic manufacturing with committed investments of ₹27,106 crore, creating significant employment opportunities.
  • The National Green Hydrogen Mission is integrating the steel sector into the production and usage of green hydrogen, contributing to the decarbonization of steel production.
  • The government is taking measures to create a conducive policy environment by implementing policies promoting 'Make in India' steel, reducing customs duties on key raw materials, and supporting scrap recycling for the steel sector's decarbonization.
The Ministry of Steel in India is embarking on a significant initiative to enhance the steel industry's environmental sustainability through the 'Green Steel Mission.' This mission includes a Production Linked Incentive (PLI) scheme aimed at reducing carbon emissions and progressing towards a Net Zero Target. Additionally, the ministry is integrating the steel sector into the National Green Hydrogen Mission led by the Ministry of New and Renewable Energy to promote the production and utilization of green hydrogen for decarbonization. To boost domestic steel manufacturing, the ministry has introduced a PLI scheme specifically for 'Specialty Steel.' Participating companies have committed to significant investments, creating employment opportunities and enhancing domestic production. The government's efforts also extend to creating a conducive policy environment, including the implementation of policies promoting 'Make in India' steel and reducing customs duties on raw materials like Ferro Nickel. Furthermore, the government is supporting scrap recycling to increase resource efficiency in the steel sector. The continuity of zero Basic Customs Duty (BCD) on ferrous scrap will enhance the competitiveness of steel-producing units, particularly in the secondary sector. These initiatives aim to make the Indian steel industry more sustainable, efficient, and globally competitive.
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