New Delhi, Oct. 13 -- Finance Minister Nirmala Sitharaman on Monday urged domestic steel producers to accelerate decarbonisation and increase specialty steel production to reduce import dependence.

Addressing the World Steel Association General Assembly, Sitharaman highlighted the government's production-linked incentive (PLI) scheme for specialty steel, which has an approved outlay of Rs 6,300 crore to encourage domestic manufacturing, investment and technology upgradation.

She said India's steel industry was following a different growth trajectory from the global sector, which is facing excess capacity and weak demand, supported by domestic consumption and sustained investment, reported The Times Of India.

For two consecutive years, ...