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Last updated: 26 Oct, 2021  

Steel.9.Thmb.jpg Steel minister calls for reduced dependence on steel imports

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SME Times News Bureau | 26 Oct, 2021

Ministry of Steel recently organized a daylong Seminar on the PLI Scheme for Specialty Steel. The objective of the seminar was to provide a platform to the stakeholders for brainstorming key features of the PLI scheme, to leverage the opportunities and resolve the challenges that the industry may foresee.

The seminar was organized along with MECON Ltd, FICCI and Invest India.Union Minister of Steel Shri Ram Chandra Prasad Singh presided over the seminar and MoS Steel sh. Faggan singh Kulaste delivered special address on the occasion.

Pradip Kumar Tripathi, Secretary Steel and other Senior Officials from the Ministry of Steel were also present.

Delivering the inaugural address Ram Chandra Prasad Singh said that we have successfully vaccinated 1 billion doses, which is praiseworthy. In spite of pandemic, our country maintained the process of economic activities and manufacturing activities survived the turbulence". 

Singh said  that 100 crore vaccination against Covid-19 shows that as the nation India is capable of attaining goals even in extreme challenging situations.

Recalling his recent successful visit to Russia, the Minister said that India also should have a Centre of Excellence in the field of research to further enhance production of quality steel and reduce dependence on imports as a Nation. 

He said that equity and inclusiveness is the focus of the scheme. "We need to develop and strengthen our R&D in steel. IP Bardin, world renowned R&D institute and leader in development of specialty steel, is ready to collaborate with India in this important field. 

We should work together to make this PLI scheme, a success", he said. The Minister also stressed on the importance of reducing carbon footprint while enhancing steel production.

Singh mentioned that India is never short of demand for steel due to the progressive steps by the Government in different sectors. The vision of PLI is one such step, wherein we can reduce our dependence on import and move towards Atmanibhar Bharat.  .

The Minister further said that there is huge scope for import substitution & export. PLI Scheme and its guidelines have been formulated by Ministry of Steel & MECON based on discussion with stakeholders, industry & inter-ministerial (NITI, Dept of Expenditure).

The Minister of State for Steel and Rural development Shri Faggan Singh Kulaste said that the objective of the Government is "Make in India- Atamnirbhar Bharat". The scheme shall boost the production in specialty steel which will lead to employment generation.

With this initiative, secondary steel producers and MSMEs sector will be benefited too. In his address Shri Kulaste also asked the stakeholders participating in the conference to discuss and come out with suggestions on the scheme.

The Secretary Steel, Pradip Kumar Tripathi said that the steel industry leaders and government agencies are involved in developing this scheme. He also said that we have achieved 109 MT Steel productions in 2019-20, before pandemic set in.

"We hope to increase the production of speciality steel from 18MT to 42 MT in the next 5 years through this scheme. Our aim is to improve Cost competitiveness of steel sector" he said.

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