India's Steel Production To Be Doubled To 300 Million Tonne Per Annum By 2030: Union Minister Scindia

Union Minister of Steel Jyotiradiya Scindia on Thursday (15 February) said that large scale augmentation will be done to double steel production from the existing capacity of 150 million tonne per annum to 300 million tonnes per annum by 2030.

Addressing the Global Zinc Summit, Scindia said that India has already emerged as the second largest steel producer in the world and its per capita steel consumption has gone up from 57 kg to 78 kg during the last nine years.

He said that Indian Railways and Steel Authority of India Limited (SAIL) are working together to produce corrosion free steel.

"With anti-corrosion features and quality to prevent oxidation in steel products, zinc has tremendous marketing potential for sectors like renewable energy, rural electrification, galvanizing the structure in smart cities etc. Galvanized steel will give long life to infrastructure made in our long coastal line," the minister added.

The minister said that 54 applications from nearly 26 companies were granted awards for the Production Linked Incentive (PLI) for specialty steel.

The PLI scheme, which was approved by the Union Cabinet in July 2021 with a financial outlay of Rs 6,322 crore, will increase the production capacity of steel by 26 million tonne per year, attract investments of Rs 30,000 crore, and create job opportunities for 55,000 individuals, according to the minister.