In a remarkable display of innovation and progress, India's steel industry is undergoing a transformative journey, driven by the government's visionary initiatives. The country's Steel Ministry has taken a proactive approach to facilitate the seamless integration of global expertise, paving the way for the successful implementation of the Production-Linked Incentive (PLI) scheme for specialty steel.
"India's Steel Ministry is facilitating visa processes especially for Chinese technicians and experts who would be working on PLI projects covering specialty steel," a ministry official stated, showcasing the government's commitment to fostering international collaboration.
The ministry is closely monitoring the progress of the specialty steel schemes under the PLI program, ensuring that the investments and capacity expansion targets are met. Despite initial delays due to India-China visa issues, the ministry has taken prompt action to expedite the approval process. "Right now, most of the recommendations being made by the Steel Ministry in case of visa approvals (only for the Chinese) are being cleared within seven days or so. Earlier, this was not the case," the official added.
The PLI scheme for Specialty Steel has already generated significant investment, with 57 MoUs executed, leading to an investment of ₹29,500 crore and an additional capacity of 25 million tonnes (mt) by FY28. The ministry reports that selected companies have already invested about ₹12,900 crore, and an additional ₹10,000 crore is expected to be invested in FY25.
The government's efforts to address the concerns of the participating companies through continuous engagement with stakeholders have been instrumental in the scheme's progress. "Measures have been taken to expedite clearances for projects, issue standard operating procedures for Indian visa for experts, and to address the concerns of the participating companies by continuous engagement with the stakeholders," the official stated.
Moreover, the ministry recognizes the importance of developing domestic capabilities in the production of specialized capital goods and equipment required for the steel industry. To address this challenge, the government is actively exploring a consortium-based approach, where Indian companies and public sector undertakings (PSUs) can come together to develop these high-end capital goods and equipment in-house, with government support and facilitation of intellectual property rights.
India's steel industry is poised for a remarkable transformation, driven by the government's unwavering commitment to fostering innovation, international collaboration, and self-reliance. With the PLI scheme for specialty steel and the push for indigenous capital goods production, India is set to solidify its position as a global leader in the steel industry, delivering a positive and inspiring story of the country's industrial progress.
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