With increasing steel production in the country, the focus in 2023 will be on boosting raw material supplies and producing more special grade steel, according to Union minister Faggan Singh Kulaste.
India produced 113.43 million tonne of crude steel in January-November 2022, which is 10 per cent higher compared to the year-ago period. The government aims to double the country’s annual crude steel making capacity to 300 MT from 150 MT at present.
In an interview to PTI, Kulaste, the Minister of State for Steel, said more initiatives for the sector will be taken in 2023.
Last year, the government introduced the Production Linked Incentive (PLI) scheme for specialty steel to enhance the production of the high-end alloy.
Special grade steel is used in various sectors, including power, shipping, railways and auto. The demand for this steel is being met through imports.
Source : Outlookindia