Indian Government Initiatives for steel wire

 

The Indian government has been providing support and nurturing the growth of the steel wire industry through a number of policies. In 2017, the Indian government introduced the National Steel Policy (NSP) aiming to take India’s steel production capacity to 300 million metric tons by 2030, as well as enhancing India’s domestic consumption, producing high-quality steel and making India’s steel sector globally competitive. The NSP 2017 Policy was aimed to boost economic growth through measures such as meeting steel demand domestically through availability of raw materials and capacity additions and in a cost-effective manner.

steel wire 

The Indian government launched another major policy in 2019, called the Steel Scrap Recycling Policy, which provided a framework to facilitate and promote establishment of metal scrapping centers in India for scientific processing and recycling of ferrous scrap generated from various sources. Through this policy the government helped create a conducive ecosystem for the entrepreneurs and investors to establish scrapping centers in the country. This is to recycle and reuse scrap to produce high quality steel. This will ensure more steel production and, thus, reduce dependency on imports.

Under the recent Production Linked Incentive (PLI) scheme for Specialty Steel, launched in 2021, the government aims to promote specialty steel manufacturing in India, through attracting capital investment, generating employment as well as promoting technology up-gradation in the steel sector. With a major five-year financial outlay of INR 6322 crore, the scheme has taken up 67 applications from 30 companies in December 2022. This will attract a committed investment of INR 42,500 crore. The government’s support for the steel wire sector will help the industry to grow and meet the growing demand for steel wire products in India and around the world.

The government has also announced a policy for providing preference to domestically manufactured iron and steel products in government procurement. The government is providing incentives to put up steel wire plants in rural and semi-rural areas, providing export incentives for export of high carbon, alloy steel and spring steel wires, as well as reducing power tariffs for industries to make them a viable unit.

Thereby, there are positive chances for growth of cable and wire industries. Some Key Players are-

1.       SAIL

2.       TATA steel

3.       JSW

4.       Jindal

5.       AM/NS India

6.       POSCO

It was around 11.68% of the total export of Cable. The value of Cable exported from India in October 2020 was 101.49 USD million. Major countries where Cable was exported in October 2020 are USA(14.86), Bangladesh(8.27), Turkey(5.76), United Kingdom(5.51), Ethiopia(4.94).

Ref: https://www.wirecable.in