NEW DELHI: Finance minister Nirmala Sitharaman on Monday urged domestic steel producers to focus on decarbonisation and boosting domestic production of specialty steel to reduce dependence on imports.Addressing the World Steel Association General Assembly here, the FM mentioned that govt has introduced the PLI scheme for specialty steel, with an approved outlay of Rs 6,300 crore.The scheme encourages investment in domestic manufacturing and technology upgradation, helping India to produce more of the specialised steel that its economy needs.“While much of the global industry is grappling with excess capacity and weak demand, India is experiencing a different trajectory, driven by domestic consumption and sustained investment,” she said.“For two successive years, consumption has exceeded production, underscoring the strength of the domestic market and the potential for further growth remains substantial,” Sitharaman said.At approximately 109 kg per person, against the world average of 209 kg, she said, India’s steel consumption has considerable room to rise. agencies
