The Ministry of Steel is crafting a comprehensive strategy aimed at transforming India into a global leader in steel production and exports. In its 2024 year-end review, the ministry emphasizes the focus areas of raw materials, investments, technology, and exports, all aligned with international best practices. To further these goals, the government is exploring international partnerships and collaborations that will strengthen India's steel sector on the global stage.
A major highlight of the ministry’s strategy is the promotion of sustainability and quality in steel production. Initiatives like the Green Steel Mission, the Production Linked Incentive (PLI) Scheme for Specialty Steel, and efforts in standardization and quality control are central to this plan. The Green Steel Mission, with an investment of Rs 15,000 crore, aims to decarbonize the steel industry and contribute to the nation’s net-zero goals. It includes incentives for renewable energy usage and requires government bodies to prioritize purchasing green steel.
Complementing the Green Steel Mission, the National Green Hydrogen Mission, with a Rs 455 crore allocation for pilot projects, supports green innovation in the sector. Key developments include the release of a roadmap for decarbonization, a Taxonomy for Green Steel to standardize low-emission steel, and the Steel Scrap Recycling Policy aimed at resource efficiency. Additionally, pilot projects exploring hydrogen-based Direct Reduced Iron (DRI) production are demonstrating India’s commitment to sustainable steel manufacturing.
To reduce imports and boost domestic manufacturing, the government has rolled out the PLI Scheme for Specialty Steel. This initiative has garnered investments of Rs 27,106 crore and is expected to create 14,760 direct jobs while producing 7.90 million tonnes of specialty steel. By October 2024, Rs 17,581 crore worth of investments had already materialized, providing employment to over 8,660 people.
In addition, the extension of duty exemptions on ferrous scrap until March 2026 and the reduction of customs duties on ferro-nickel are designed to further strengthen the domestic stainless steel industry. While India has ample iron ore and non-coking coal reserves, the country continues to rely on imports of coking coal due to limited domestic supply.
