IP Bardin, world renowned R&D institute and leader in development of specialty steel, is ready to collaborate with India in this key area, informed Steel Minister Ram Chandra Prasad Singh while speaking at a steel ministry-organised seminar on the production linked incentive (PLI) scheme for specialty steel.
The minister said India should also have a centre of excellence in the field of research to further enhance production of quality steel and reduce dependence on imports. “We need to develop and strengthen our R&D in steel. IP Bardin, world renowned R&D institute and leader in development of specialty steel, is ready to collaborate with India in this important field. We should work together to make this PLI scheme, a success,” the minister said.
India expects to increase production of speciality steel from the current 18 million tonnes (mn t) to 42 mn t in the next five years through PLI.
The seminar focused on leveraging opportunities and resolving challenges that may be foreseen.
The minister also stressed on the importance of reducing carbon footprint while enhancing steel production. He further said there is huge scope for import substitution and export.
The Minister of State for Steel and Rural development, Faggan Singh Kulaste, said the scheme will boost production of specialty steel which will lead to employment generation. With this initiative, secondary steel producers and MSMEs will benefit too, he said.
Steel Secretary Pradip Kumar Tripathi said India has achieved 109 mn t of steel production in CY’20, before the pandemic set in. “We hope to increase production of speciality steel from 18 mn t to 42 mn t in the next five years through this scheme.
The scheme aims to improve cost competitiveness of the steel sector, he added.
The seminar witnessed participation from policy makers, bureaucrats, steel PSUs, integrated steel producers, secondary steel producers, potential investors, specialty steel makers and steel associations.
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