BUSINESS

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BUSINESS

PLI 2.0 in works for the steel sector

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PLI scheme 2.0

In an interview with PTI, MoS for Steel, Faggan Singh Kulaste, confirmed that the Indian government is actively working on PLI scheme 2.0 for the steel sector in 2024.

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Scheme's aim

The government will ensure raw material supply and promote use of scrap. Centre will also push for use of AI and new-age tech among industry players and will focus on reducing carbon emissions.

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Steel growth

In April-November this year, crude steel production reached 94.01 million tons, a 14.5% increase YoY, while finished steel consumption rose 14% to 86.97 million tons, according to the Steel Ministry.

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Import concerns

The Indian Steel Association (ISA) has raised concerns about soaring imports and high raw material prices impacting the domestic market.

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Diversify steel products

MoS for Steel Kulaste, encouraged steel producers to diversify their product offerings to meet the growing needs of various sectors requiring steel.

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Strong domestic demand

CRISIL predicts strong domestic demand will keep India's steel imports around six million tons this fiscal year, backed by government spending on infrastructure, building, and construction segments.