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Union Minister of Steel and Civil Aviation Jyotiraditya Scindia said that the removal of export duties on steel and stainless steel by the government will herald a new era for the nation's steel sector, and allow it to firmly establish its position in the global market.
The government had withdrawn the export duty on iron ores lumps and fines below 58 per cent Fe content, iron ore pellets and the specified steel products including pig iron last Saturday. The import duty concessions on Anthracite / PCI coal, coking coal, coke and semi coke and ferronickel were also withdrawn.
Delivering the keynote address at the third conclave of the Indian Steel Association (ISA) on Monday, Scindia said that the steel sector will not only restore its international footprint but will also reach newer heights in a relatively short period of time in the domestic market.
The Minister said that the Prime Minister has put forth the mandate to enhance capital infrastructure by nearly Rs 17 lakh crore per year, thus increasing demand for steel by close to double digits (approx 10 per cent per year). Further, he said that the steel sector has not just emerged from a difficult time during the peak of Covid-19, but has also emerged stronger, more resilient, global, focused, and committed. Our sector has witnessed a huge transformation during the past eight years, and has emerged globally from being a fourth largest producer to the second largest producer, and the second largest consumer of steel, he added.
The policy of using domestic steel has saved Rs 22,400 crore on steel imports, according to the minister. He urged the industry to adopt a circular economy approach which would involve a gradual movement towards steel production from scrap.
Further, to increase domestic production, Scindia said that the PLI Scheme (Productivity Linked Incentive) for speciality steel has received 79 applications from 35 companies, resulting in an investment of close to Rs 46,020 crore and increase in capacity of almost 26 million tonnes, and employment generation potential of nearly 70,000 people.
This PLI scheme will provide new impetus to domestic steel demand in the coming months, he said.
President of ISA, Dilip Ommen; Chairman of SAIL, Soma Mondal; Managing Director of Tata Steel, T.V. Narendran and other stakeholders of the Indian steel industry expressed their views in the inaugural session of the conclave.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mon, November 21 2022. 22:23 IST