Growth in India s construction sector is driven by government spending on infrastructure and recovery in private investment. Infrastructure investment will also support the capital goods sector growth, worldsteel said in its Short Range Outlook (SRO).
The Indian government plans to introduce a production-linked incentive (PLI) scheme for batteries to reduce costs and encourage the adoption of electric vehicles (EVs). The Union Power and New & Renewable Energy Minister, R K Singh, stated that the scheme aims to increase battery volumes and lower prices. He also highlighted the limited battery manufacturing capacity worldwide as a factor contributing to high prices.
The Department for Promotion of Industry and Internal Trade (DPIIT) said that the administrative ministry may also visit the manufacturing facilities to review the scheme s progress, and directly solicit feedback from the industry.
Companies participating in the production-linked incentive scheme (PLI) for white goods in India will need to provide a certificate from a registered cost accountant regarding related party sales and the calculation of the arm s length price. The Department for Promotion of Industry and Internal Trade (DPIIT) has made changes to the guidelines of the scheme, allowing the administrative ministry to visit manufacturing facilities for progress reviews and industry feedback.
Jindal Steel and Power (JSP) plans to expand its Angul unit in Odisha to become India s largest single-location steel manufacturing facility. The current capacity of the plant is being increased from 5.6 million tonnes per annum (MTPA) to 11.6 MTPA, with ambitions to further double it to 24 MTPA. The Raigarh steel plant will also undergo expansion from 3.6 MTPA to 9.6 MTPA. JSP aims to complete trial production at the Angul plant by the end of 2023 and achieve commercial production next year. The company sees India s steel sector growing due to government infrastructure projects and domestic demand.