India, Oct. 13 -- Finance Minister Nirmala Sitharaman on Monday urged domestic steel producers to focus on decarbonisation and boosting domestic production of specialty steel to reduce dependence on imports. Addressing World Steel Association General Assembly here, the Finance Minister mentioned that the government has introduced the PLI scheme for specialty steel, with an approved outlay of Rs 6,300 crore.

The scheme encourages investment in domestic manufacturing and technology upgradation, helping India to produce more of the specialised steel that its economy needs.

"While much of the global industry is grappling with excess capacity and weak demand, India is experiencing a different trajectory, driven by domestic consumption and su...