The Ministry of India will direct 80 percent of the proposed scheme for fiscal stimulations in the amount of 570 million US dollars for secondary mills, confirmed a senior government official on Thursday, September 18.
The purpose of the movement is aimed at accelerating the decarbonization in the steel sector and increasing technical steel.
According to the secretary of the ministry, Sandipa Pondrick became, the scheme is designed to support the secondary steel sector, which consists of about 2,200 units, contributing 47 percent of the total steel performance in India. Despite their significant role, these mills often lack financial resources for investment in pure and green steel technology.
“We launch the scheme to help the steel industry, especially the secondary sector, create steel with a low level of emission. Up to 80 percent of the funds will be aimed at these units. It is expected that larger manufacturers will mobilize their own resources, ”-0: 0: 0: 8).
The official added that the scheme received internal permits and will be deployed over the next few months. The incentives will follow the model based on the performance directly related to the reduction of the achieved carbon emissions compared to the previous year.
This initiative is part of the wider efforts of India to decarbonize its steel industry, one of the country's largest participants into carbon emissions. Having focused on secondary mills, the government intends to stimulate large -scale implementation of green steel production methods and maintain a transition to sustainable industrial growth.
