The Ministry of Steel recently signed 57 MoUs with a total of 27 specialty steel sector companies, under the government’s Production-Linked Incentive scheme. Five-year financial outlay of Rs 6322 crore was approved by the Union Cabinet in July 2021, under the Production-linked incentive (PLI) Scheme for specialty steel, to promote manufacturing within the country by attracting capital investment, generating employment and promoting technology up-gradation in the steel sector. Five categories of specialty steel were chosen under this scheme, namely coated/plated steel products, high strength/wear resistant steel, specialty rail, alloy steel products and steel wires, and electrical steel. Union Minister for Steel Jyotiraditya Scindia stated that through the help of these incentives, INR 30,000 crore in new investments in specialty steel in India would be generated.
March 17, 2023
The Indian Ministry of Steel signed 57 MoUs with a total of 27 companies from the specialty steel sector, under the government production-linked incentive scheme. In December 2022, the ministry shared that a total of 79 applications were received from 35 small and large steel-making companies. The five categories of specialty steel which have been chosen in the PLI scheme are coated/plated steel products, high strength/wear resistant steel, specialty rail, alloy steel products and steel wires, and electrical steel. Production-linked incentive (PLI) Scheme for specialty steel was approved by the Union Cabinet on July 22, 2021, with a five-year financial outlay of Rs 6322 crore to promote manufacturing within the country by attracting capital investment, generating employment and promoting technology up-gradation in the steel sector.
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After signing the agreements, the Union Minister for Steel Jyotiraditya Scindia stated that through the help of these incentives, INR 30,000 crore in new investments in specialty steel in India would be generated. “The employment that would be generated through this (PLI) will be roughly about 50,000-55,000, and it will certainly result in value addition in the steel sector which is extremely important. The steel sector is slowly moving and evolving towards the demands and needs of the downstream industries,” Scindia shared.
