By 2030, steel production would be doubled from the current 150 million tonnes per year to 300 million tonnes, according to Steel Minister Jyotiraditya Said. Speaking at the World Zinc Conference, he stated that the Steel Authority of India Ltd. (SAIL) and Indian Railways are collaborating to create corrosion-free steel. "Zinc has a huge market opportunity because of its anti-corrosion properties and capacity to prevent oxidation in steel goods, which are used in
industries like renewable energy and rural electrification. Infrastructure that is located throughout our extensive coastline will have a long life thanks to galvanised steel "Added he.
According to the minister, India is currently the fourth-largest producer of zinc in the world, and 80% of its production is used domestically. In the past nine years, India's per capita steel consumption has increased from 57 kg to 78 kg, making it the second-largest steel manufacturer in the world. According to him, the government has approved 54 applications for the production linked incentive (PLI) scheme for specialty steel that were filed by 26 different enterprises.
A PLI programme worth Rs 6,322 crore was approved by the union cabinet in July 2021 to increase the production of specialty steel in India. With the creation of 55,000 new jobs, it will assist increase production capacity by 26 million tonnes annually and investment of Rs 30,000 crore. The minister continued by stating that the government has made a sizable capex announcement for infrastructure development of Rs 10 lakh crore, which has created enormous investment opportunities in a variety of sectors.
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