India's Steel Sector: Growth, Policies, and Decarbonisation Initiatives
Key Ideas
- India has become the world's second-largest steel producer with a CAGR of 5.54% between 2017 and 2023, surpassing Japan and maintaining this position since 2018.
- The government has implemented policies like the DMI&SP Policy and PLI Scheme to promote Made in India steel, reduce imports, and attract investments, aiming for additional capacity creation of around 25 million tonnes for specialty steel.
- Initiatives like the National Green Hydrogen Mission, Steel Scrap Recycling Policy, and the National Solar Mission demonstrate India's commitment to decarbonisation and promoting renewable energy in the steel sector.
- The steel industry in India is adopting Best Available Technologies, implementing energy efficiency improvement projects, and engaging in collaborations with Japan's NEDO for energy efficiency in steel plants.
India has achieved significant growth in its steel sector, becoming the world's second-largest steel producer in 2018 and maintaining this position until 2023, outpacing Japan. The government's role as a facilitator in creating a conducive policy environment has been vital in this growth. Measures like the DMI&SP Policy and PLI Scheme have been implemented to promote Made in India steel and attract investments. The National Green Hydrogen Mission, Steel Scrap Recycling Policy, and National Solar Mission highlight India's commitment to decarbonisation and renewable energy in the steel industry. Additionally, initiatives such as the PAT scheme for energy efficiency and collaborations with Japan's NEDO for technology adoption demonstrate India's focus on sustainability and modernization in the steel sector. These efforts align with the government's vision to enhance steel usage, overall demand, and investment in the sector, in line with national development plans like Make in India and PM Gati-shakti National Master Plan.
Topics
India
Green Hydrogen
Renewable Energy
Energy Efficiency
Decarbonisation
Economic Growth
Solar Energy
Policy Initiatives
Steel Sector
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