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Informist, Tuesday, Sept. 29, 2026

NEW DELHI - The government is planning to launch the Viksit Bharat Ispat scheme for micro, small and medium enterprises with an outlay of INR 50 billion, Steel Secretary Sandeep Poundrik told reporters Tuesday. The micro, small and medium enterprises contribute 47% of the steel production in India, according to Poundrik. 

"We are proposing a scheme which is called Viksit Bharat Ispat which is only targeted at small steel producers where they will be given incentive link to their production which will be dependent on reduction of carbon emission. Now reduction of carbon emission can only be done by using better technology, by using better raw material and more use of renewable energy. So, we are linking it to the production of better steel and this scheme is likely to be approved by competent or not in the near future," Poundrik said at the sidelines of the CII Manufacturing Confluence 2026. 

Notably, the government is also planning to soon launch a new National Steel Policy. Under the policy, the government is planning some measures against an increase in steel imports, according to Poundrik. "As far as imports are concerned, the policy also gives measures to discourage cheap substandard imports, including safeguard measures like safeguard duty and anti-dumping duty, etc., as well as to bring Indian steel industry and especially the small steel players competitive in terms of technology and price point," Poundrik said. 

On a question related to steel imports, Poundrik said the existing safeguard duty for three years is "working" to curtail steel imports. According to Poundrik, the Viksit Bharat Ispat scheme is a longer-term approach to ensure that the domestic steel industry and especially the small steel producers are not affected by cheap imports. 

Explaining the rationale behind bringing the new steel policy, Poundrik said the National Steel Policy 2017 didn't address issues such as decarbonisation at a broader level. "So, there are certain new issues and then course correction for especially in terms of capacity, consumption, etc. So, that is why we are bringing a new policy and so that we have a roadmap for the next two decades up to 2047," the official said. 

Notably, the ministry is assessing how the enhanced steel export quotas agreed upon by the European Union and the UK will impact Indian exporters, Poundrik said. The study is examining specific steel grades where Indian producers may face limitations in meeting the quota, as well as grades where export capacity exceeds the allocated quota, according to Poundrik. "So, we are studying that, and then we will again take it up with the concerned companies."  End
 

Reported by Astha Oriel

Edited by Himanshi Gupta

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