PLI Scheme To Provide Necessary Impetus To Indian Steel Sector

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India presently operates at the lower end of the value chain in the steel sector. Value-added steel grades are largely imported in India. This is because of the disabilities faced by the steel industry to the tune of $80-100 per ton, on account of higher logistics and infra cost, higher power and capital cost, taxes and duties. The PLI scheme with a budgetary outlay of ₹6,322 crores will provide the necessary impetus to the Indian steel sector, noted  Faggan Singh Kulaste, minister of state for steel.

Addressing the session “Value creation through Supply Chain for the Steel Industry” at ASSOCHAM’s five-day-long virtual conference on 'Global Value Chain – Backward and Forward Integration', Kulaste said the steel industry is one of the most traditional and fundamental industries supporting many others, like oil and gas, power generation, construction. 

"We are looking forward to industry support towards the Prime Minister's vision for ‘Local Goes Global’ and Make in India for World, which can boost the share of manufacturing in real GDP to 25 per cent and exports to US$ 400 billion. Also, in order to decongest domestic ports, the government is taking appropriate measures," Kulaste added.

Vineet Agarwal, president, ASSOCHAM said, “The steel sector faces some major challenges. It is important to reduce costs, improve coordination and engagement with stakeholders. The focus should be on integrating forward and backward linkages in the steel industry. The steel industry is central to the government target of a $5 trillion economy and for that, there must be a generation of additional demand from downstream. Digitization of supply chain and green supply chain opportunities also needs to capitalize for a sustainable value chain.”

ASSOCHAM is organizing a series of sessions under the central theme “Global Value Chain: Backward and Forward Integration” from August 24 to 28. The virtual meet brings together policymakers, manufacturing companies, research organisations, technology enablers, and MSMEs in an effort to generate opportunities for India to enter the $1-trillion manufacturing base for domestic consumption, as well as shape its global manufacturing value chain for exports.

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