India's Steel Ministry Sets Global Strategy with Green Innovations

The Ministry of Steel outlines a strategic plan for a global steel approach, emphasizing sustainability and innovation. The focus includes initiatives like the Green Steel Mission, international partnerships, and investment in technology. Efforts aim to bolster India's position as a leader in sustainable and specialty steel on the world stage.

The Ministry of Steel is crafting a comprehensive global strategy for the year 2024, aimed at aligning India's steel sector with international benchmarks. The plan targets crucial areas such as raw materials, investment, technology, and exports. Collaborative international efforts are underway to establish India as a front-runner in global steel production and exports.

In its Year-End Review, the Ministry highlights significant progress in enhancing the sector's sustainability, boosting domestic manufacturing, and improving steel quality in India. Key initiatives include the Green Steel Mission, the Production Linked Incentive (PLI) Scheme for Specialty Steel, and various measures for standardization and quality assurance.

The ambitious 'Green Steel Mission' spearheaded by the Ministry involves an investment of Rs15,000 crore to promote decarbonization within the steel industry, contributing to the nation's net-zero ambitions. This mission incorporates the PLI Scheme for Green Steel, incentives for renewable energy, and mandates for prioritizing government purchases of green steel.

Complementing this, the Ministry of New and Renewable Energy's National Green Hydrogen Mission has earmarked Rs455 crore for pilots in the steel sector. Notable advancements include a 'Roadmap and Action Plan' for sector-wide decarbonization, the Taxonomy for Green Steel, and the Steel Scrap Recycling Policy aimed at resource efficiency.

The initiative includes pilot projects for Direct Reduced Iron (DRI) production utilizing 100 percent hydrogen, reinforcing India's dedication to innovative and sustainable steel production. The PLI Scheme for Specialty Steel aims to boost domestic output and decrease reliance on imports, attracting investments of Rs27,106 crore and generating substantial employment.

The extension of duty exemptions on ferrous scrap imports until March 2026 and the lowering of the Basic Customs Duty on Ferro-Nickel are strategies to support the domestic stainless steel industry. Despite ample iron ore and non-coking coal reserves, coking coal imports remain vital due to domestic shortages.

To mitigate this, India is exploring partnerships with Russia and conducting exploratory missions in Mongolia to diversify its coking coal sources. (ANI)

(With inputs from agencies.)