PLI scheme to provide necessary impetus to Indian steel sector: Hon’ble Minister of State for Steel, Govt. of India

Tuesday, August 24, 2021

New Delhi
, 24 August 2021: 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 budgetary outlay of ₹6,322 crores will provide necessary impetus to Indian steel sector said Shri Faggan Singh Kulaste, Hon’ble Minister of State for Steel, Govt. of India while 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 & Forward Integration.
 
The steel industry is one of the most traditional and fundamental industries supporting many others, like oil & gas, power generation, construction, etc. We are looking forward to industry support towards the Hon’ble 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, added Shri Kulaste.
 
While delivering the welcome address, Mr. Vineet Agarwal, president, ASSOCHAM said, “The steel sector faces some major challenges. It is important to reduce costs, improve co-ordination and engagement with stake holders and the focus should be on integrating forward and backward linkages in the steel industry. The steel industry is central to the government target of $5 Trillion economy and for that there must be generation of additional demand from downstream. Digitization of supply chain and green supply chain opportunities also needs to capitalize for a sustainable value chain”.
 
Other industry experts at the session included Dr. Vinod Nowal, Chairman, ASSOCHAM National Council on Iron & Steel and Deputy Managing Director, JSW Steel  Ltd., Shri V R Sharma, Co-Chairman, ASSOCHAM National Council on Iron and Steel and Managing Director, JSPL. Shri Ranjan Dhar, Co-Chairman, ASSOCHAM National Council on Iron and Steel , Chief Marketing Officer(CMO) AM/NS India. Shri Vivek Bhatia, MD & CEO, thyssenkrupp Industries India, Shri Baikuntha Sahoo, General Manager , Ezyhaul, Shri Bidyut Chakraborty, Partner -Mining & Metals Advisory, KPMG.
 
ASSOCHAM is organizing a series of sessions under the central theme “Global Value Chain: Backward & Forward Integration” from 24th to 28th August 2021. The virtual meet brings together policy makers, 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.
 
 
About ASSOCHAM:
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on www.assocham.org
 
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