India has become a market that you can’t ignore: Global experts
India has become a market that you can’t ignore, pushed on by government reforms and a booming tech industry, top industry experts have said.
Under the production-linked incentive (PLI) scheme for specialty steel, till December, selected companies have invested about Rs 12,900 crore in the domestic steel sector while another Rs 3,000 crore is expected during the current financial year (FY24), the government said.
The government is hoping to see an investment of Rs 15,900 crore under the PLI scheme for specialty steel against an investment commitment of Rs 21,000 crore in FY24, the steel ministry said in a statement.
“Delays due to unavoidable circumstances in the projects include supply chain delays due to geopolitical issues, unforeseen events, natural disasters and changed market circumstances for certain PLI products also have an impact on the pace, phasing, and the quantum of investment,” it added.
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Besides, investments in the steel sector have a long gestation period and depend on the procurement of various equipment. Often, the equipment is sourced from abroad.
The Ministry of Steel envisages an investment worth Rs 10,000 crore in the next financial year.
“It is also pertinent to mention that five units have begun production, and nine more units are expected to begin production in this quarter,” the statement said.
Under the PLI scheme for specialty steel, 57 agreements have been executed for generating an investment of Rs 29,500 crore, an additional capacity of 25 metric tonnes (MT) for producing specialty steel grades, and employment to about 17,000 people by FY28. The scheme was notified in July 2021.
The Ministry along with other relevant Government departments, has been proactively engaging with the PLI beneficiaries to resolve issues faced by companies and facilitate them to meet their commitments.
Measures have been taken to expedite clearances for projects, issue standard operating procedures for Indian visas for experts, and to address the concerns of the participating companies by continuous engagement with stakeholders.
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