 "PM Modi")
Prime Minister Narendra Modi on Friday said India had set a target to double the crude steel production capacity from 154 million tonnes per annum (mtpa) now to 300 mtpa in the next 9 to 10 years in order to boost indigenous capabilities.
Modi said due to everyone's efforts in the last eight years, the Indian steel industry had become the second largest in the world and there was still immense potential for expansion of the key sector.
In his virtual address as the chief guest at the “bhoomi pujan” of expansion of ArcelorMittal Nippon Steel India’s flagship plant at Hazira in Gujarat’s Surat, Modi said in the past, India had to import high grade steel for the defence sector, but scenario has changed now. Now, however, steel used in making 'INS Vikrant' (first indigenous aircraft carrier) was made in India, said the prime minister.
The PM said the PLI (production-linked incentive) scheme had helped pave the way for expansion of the industry and given strength to the Centre’s 'Atmanirbhar Bharat' (self-reliant India) initiative.
The PLI scheme is aimed at making Indian manufacturers globally competitive, attracting investment in the areas of core competency and cutting-edge technology; ensuring efficiencies; creating economies of scale; enhancing exports and making India an integral part of the international supply chain.
“Due to this, we have succeeded in increasing the production capacity of high-grade steel and reducing its import. The use of this high-grade steel has increased in critical and strategic applications. Before you is the example of INS Vikrant,” he said.
The PM said scientists of DRDO (Defence Research and Development Organisation) developed the special steel used in the aircraft carrier and Indian companies produced thousands of metric tonnes of the high-grade alloy.
More From This Section
“INS Vikrant was completely made with indigenous capability and technology. To promote such capability, the country has now set a target of doubling the production capacity of crude steel," he said.
He said India's dependence on other countries for manufacturing of the aircraft carrier was not right.
“To change this, we were required to become self-reliant, and the Indian steel industry accepted the challenge with a new energy," the PM maintained.
Modi said India is rapidly moving towards becoming the world's largest steel manufacturer and the government is actively engaged in framing necessary policies and creating a conducive environment for further development of the sector.
“Due to everyone's efforts in the last eight years, the Indian steel industry has become the second largest steel producing industry in the world. There is an immense potential for (further) development of this industry," he stated.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
