The Government is bringing another round of PLI to get more interest in the specialty steel business due to the lack of interest in the first round of the scheme.
Sep 27, 2024
The Confederation of Indian Industry (CII) hosted the Steel Summit 2024 in New Delhi on September 27, 2024, with notable figures including Bhupathiraju Srinivasa Varma, Minister of State for Steel and Heavy Industries, and Sandeep Poundrik, Secretary, Ministry of Steel, alongside top representatives from India’s steel manufacturing industry.
Minister Bhupathiraju Srinivasa Varma emphasized the strategic significance of achieving self-reliance in steel production, particularly in light of global uncertainties. He noted, “Achieving self-reliance in steel is not merely an economic imperative but also a strategic necessity, especially in the face of global uncertainties.” Varma underscored the importance of research and development (R&D) in enhancing efficiency, driving innovation, and enabling India to meet international standards through high-quality steel production. He added that by exploring new materials and sustainable practices, the steel industry could adapt to evolving market demands while complying with global regulations. R&D, he stressed, would play a key role in minimizing environmental impacts and enhancing India’s competitiveness globally.
Varma further highlighted the Ministry of Steel’s proactive measures, including the creation of 14 task forces dedicated to sustainability. These task forces have made key recommendations, particularly in light of international regulations such as the Carbon Border Adjustment Mechanism (CBAM), which are increasingly relevant as the world embraces stricter environmental standards. He added, “To achieve steel self-reliance, focused efforts are needed, to develop high-quality domestic production capabilities, leveraging local raw materials and expertise.”
Sandeep Poundrik, Secretary of the Ministry of Steel, addressed several challenges facing the industry. These include rising demand for raw materials, ensuring their security through diversification, and enhancing sustainability by focusing on green steel production. He says, ”While India’s overall steel capacity is robust, the country must focus more on specialty steel. The Government is bringing another round of PLI to get more interest in the specialty steel business due to the lack of interest in the first round of the scheme.”
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Additionally, the summit placed a strong focus on green steel. R.K. Goyal, Chairman of the India Green Steel Coalition (IGSC) and Managing Director of Kalyani Steels Ltd, emphasized the Coalition’s commitment to reducing emissions through renewable energy and green technologies. He highlighted the potential of carbon capture and the use of green hydrogen to drive the decarbonization of the Indian steel industry. He says, “The focus remains on innovating India-specific technologies that will drive the decarbonization of the steel industry and contribute to India’s net-zero ambitions by 2070.”
Overall, the Steel Summit 2024 underscored India’s determination to strengthen its steel industry through self-reliance, innovation, and sustainability. By focusing on R&D, green steel technologies, and government-backed initiatives like the PLI scheme, India is poised to not only meet domestic demands but also compete globally. With a clear vision toward reducing environmental impact and achieving net-zero emissions by 2070, the country is laying the groundwork for a resilient, future-ready steel sector.
