Sitharaman Urges Steel Industry To Boost Specialty Steel Production, Cut Emissions

New Delhi, Oct 13 (KNN) Finance Minister Nirmala Sitharaman on Monday urged domestic steel producers to accelerate decarbonisation and increase specialty steel production to reduce import dependence.

Addressing the World Steel Association General Assembly, Sitharaman highlighted the government’s production-linked incentive (PLI) scheme for specialty steel, which has an approved outlay of Rs 6,300 crore to encourage domestic manufacturing, investment and technology upgradation.

She said India’s steel industry was following a different growth trajectory from the global sector, which is facing excess capacity and weak demand, supported by domestic consumption and sustained investment, reported The Times Of India.

For two consecutive years, India’s steel consumption has exceeded production, highlighting the strength of domestic demand and scope for further growth, she added.

Sitharaman said India’s per capita steel consumption stood at around 109 kg, compared with the global average of 209 kg, indicating significant potential for demand expansion.

(KNN Bureau)