The government is hoping to see an investment of Rs 15,900 crore under the PLI scheme for specialty steel against an investment commitment of Rs 21,000 crore in FY24, the steel ministry said in a statement.
In November, the index of eight core industries was 7.9%.
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The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
The Centre has restored the status quo as was prevailing prior to May 22 and withdrawn the export duty on iron ore lumps and fines below 58 Fe content, iron ore pellets, and the specified steel products, including pig iron.
The eight core-sector industries - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity - had expanded by 7.3 per cent in July last year.
"The Central government has been focusing on infrastructure projects like Sagarmala, Smart Cities and the new government would stick to its focus. I think steel demand is expected to grow by 7- 8 per cent in the 2019-20," Institute for Steel Development and Growth (INSDAG) Director General Sushim Banerjee said.
The issue pertains to a case filed by Japan in December 2017 against India's decision to impose safeguard duty on some iron and steel products.
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