The government's Rs 6,220 crore Production Linked Incentive (PLI) scheme which invites applicants for special steel production has received a great response from the industry, Steel Labor Minister Jyotiraditya Scindia said.

"We received nearly 79 applications from 35 companies seeking to produce a capacity of nearly 28 million tons (MT) per year of new special steel, which will lead to creating nearly 70,000 jobs," the minister said. in response to a question from the chairman and chief executive of Tata Steel, TV Narendran, during the 49th convention of the All India Management Association (AIMA), the regulatory and licensing body for management services, in New Delhi on Tuesday. Attributing this to a concerted effort between the government, private sector and public sector enterprises (CPSE), the government has gradually shifted from its role as a regulator to a regulator. .

Referring to the 2030 Vision document for the second largest steel industry in the world, the minister said that the country's goal of doubling production from 155 MT to 300 MT now, should push both producers things like SAIL and Tata steel and secondly. the producers. "The fact is that we have put a Capex plan of Rs 10.7 lakh crore on the part of the government [to help] increase the production of steel. We have seen an increase of about 10.6% in the last fiscal year and I am confident strength and we will continue to grow," the Minister said. The Minister went on to point out that in addition to increasing the production capacity of the alloy, implementing industrial safety measures and turning to green steel, the company also has the important task of creating a 'Made in India' steel label. ' of universal steel. party.

“This is not only the story of Aatmanirbhar Bharat (self-governing India), but also the story of Bharat (India) emerging on the world stage as a steel producer in the world. We will apply the parameters to get the label 'Made in India', regardless of the manufacturer, as we ensure that there is no dilution in the quality of the steel that comes out of our country," he said.

The minister said that India's steel sector has a huge potential to grow as the industry forms the foundation and backbone of any emerging, developed or global economy to rise to the global stage.
Source: BusinessToday