Context:
500 mn tonnes domestic steel production target by 2034.
Steel Sector in India:
- 2nd largest producer of Crude Steel.
- China is the largest producer
- Economic Contribution – The steel sector contributes significantly to India’s GDP, accounting for over 2%.
- Leading producers – Odisha, followed by Jharkhand and Chhattisgarh
- Production and Growth –
- Crude Steel Production – In FY23, India produced 125.32 million tonnes (MT) of crude steel.
- Finished Steel Production – In FY23, finished steel production was 121.29 MT.
- Key Drivers –
- Raw Materials – Abundant availability of iron ore and cost-effective labor.
- Modernization – Continuous modernization and upgradation of steel plants for higher energy efficiency.
- Domestic Demand – Significant increase in domestic steel demand, contributing to the sector’s growth.
- Exports and Imports – In FY23, India exported 6.7 MT and imported 6.02 MT of finished steel.
- Accounts for about 12% of India’s carbon dioxide (CO2) emissions
- Steel in world is largest carbon-emitting manufacturing sector.
Initiatives to decarbonise and promote steel sector:
- National Steel Policy, 2017
- Steel Scrap Recycling Policy 2019
- Perform, Achieve and Trade (PAT) scheme
- Production-linked incentive (PLI) scheme for specialty steel
Source: PIB
Previous Year Question
With reference to India, consider the following statements:
1. Monazite is a source of rare earths.
2. Monazite contains thorium.
3. Monazite occurs naturally in the entire Indian coastal sands in India.
4. In India, Government bodies only can process or export monazite.
[UPSC Civil Services Exam – 2022 Prelims]
Which of the statements given above is/are correct?
(a) 1, 2 and 3 only
(b) 1, 2 and 4 only
(c) 3 and 4 only
(d) 1, 2, 3 and 4
Answer: (b)
