India’s ministry of steel is preparing a comprehensive global strategy for the year 2025, aimed at aligning India's steel sector with international benchmarks incorporating targets in crucial areas such as raw materials, investment, technology, and exports, the ministry said in a yearly review of the industry released on Monday, December 30.
It said that 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 $1.76 billion 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, the ministry noted in the review.
While India has sufficient reserves of iron ore and non-coking coal, coking coal imports remain significant due to limited domestic supply. Efforts to diversify sources of coking coal include partnerships with countries like Russia and exploration missions to Mongolia, the review said.