New Delhi, Apr 11 (ANI): Union Minister of Civil Aviation and Steel Jyotiraditya M. Scindia speaks on the AIMA thirteenth Managing India Awards 2023, in New Delhi on Tuesday. (ANI Photo)
| Photo Credit: ANI
Union minister for Civil Aviation & Steel Jyotiraditya M. Scindia on Wednesday mentioned that the ministry has signed 57 MoUs with 27 corporations for specialty steel underneath the PLI scheme, which is predicted to generate investment of about ₹30,000 crore and create further capability of about 25 mt of specialty steel in subsequent 5 years.
This may even create 60,000 plus jobs and assist India to turn out to be the third-largest economic system by 2030-31.
Addressing India Steel 2023 convention by a video message, Mr. Scindia mentioned, “We have emerged as the second-largest steel producer in the world with per capita steel consumption going up from 57 kilos to 78 kilos during the last nine years.
“This growth is having manifold results — collaborative efforts of industry and government wherein government plays the role of facilitator and industry drives this engine of growth,” he mentioned.
“The Steel Ministry is in the process of aligning policies with the Gati Shakti Master Plan which will complement the ₹100 lakh crore investment plan for infrastructure development over the next five years; this will boost the demand for steel in various sectors, thereby enhancing steel usage,” he added.
Speaking on the occasion, Faggan Singh Kulaste, Minister of State in the Ministry of Steel and Rural Development, mentioned, “In 2013-14, steel production capacity was about 100 million tonnes and crude steel production was about 82 million tonnes, whereas in 2022-23 the steel production capacity increased to 154 million tonnes and crude steel production to 125 million tonnes.
“This historic growth has been possible due to the business-friendly policy, reforms and transparency in the steel sector,” he mentioned.
He mentioned the Vehicle Scrappage Policy for round economic system will assist the steel trade to get most scrap.
“This policy will also be helpful in the production of green steel,” he mentioned.
The trade has anticipated that there could be a major demand for steel, significantly from the manufacturing, engineering, development and infrastructure sectors, to sustain with the nation’s fast modernisation, financial progress and nation growth.
Nagendra Nath Sinha, Secretary, Ministry of Steel, mentioned, “The Government has already envisioned this in the National Steel Policy which aims to increase per capita consumption of steel to 160kg, while aiming to augment production capacity to 300 MT by 2030.”
The steel sector, which contributes roughly 2% to the Indian GDP and offers employment to over 2 million individuals, has requested the Indian railways to present extra wagons for transportation of supplies used in steel manufacturing and for the motion of completed merchandise.
Sanjay Rath, government vice chairman, Commercial & Logistics Centre of Excellence, JSW Steel Ltd. mentioned, “The average speed of rail is 20 kms as compared to 35 kms globally. Logistics cost is high in India as the industry is forced to transport about 40% of the materials on roads, which is expensive.”
The three-day exhibition showcases superior applied sciences, merchandise, and options from main non-public sector organizations, together with Tata Steel, JSW Steel, Jindal Steel & Power, AM/NS India, Mahindra & Mahindra, Welspun Corp, and L&T.
