India's Steel Sector: Towards Global Leadership in Sustainability and Innovation
Key Ideas
- Ministry of Steel's 2024 global strategy focuses on aligning India's steel sector with international standards, emphasizing sustainability and quality.
- Key initiatives like the Green Steel Mission and PLI Scheme for Specialty Steel are driving decarbonization and boosting domestic steel manufacturing.
- Partnerships with ministries like New and Renewable Energy for the National Green Hydrogen Mission showcase India's commitment to green steel production.
- Exploration of coking coal partnerships with Russia and Mongolia reflect efforts to diversify raw material sources for the steel industry.
The Ministry of Steel in India is taking significant steps to position the country as a global leader in sustainable and innovative steel production. Their 2024 strategy aims to bring India's steel sector in line with international benchmarks, particularly focusing on areas like raw materials, technology, and exports. Initiatives such as the Green Steel Mission, the PLI Scheme for Specialty Steel, and measures for standardization and quality assurance are driving progress. The Green Steel Mission, with a substantial investment of Rs15,000 crore, is dedicated to decarbonizing the steel industry to support India's net-zero goals. The collaboration with the Ministry of New and Renewable Energy for the National Green Hydrogen Mission further emphasizes the country's commitment to green steel. Pilot projects for Direct Reduced Iron production using 100 percent hydrogen are underway, showcasing India's dedication to sustainable practices. Additionally, efforts to boost domestic manufacturing, decrease import reliance, and support the stainless steel industry through duty exemptions and tariff adjustments demonstrate a holistic approach to strengthening the steel sector. The exploration of coking coal partnerships with Russia and Mongolia highlights India's proactive stance in diversifying its raw material sources for long-term sustainability and growth.