The Union Cabinet approved the production-linked incentive (PLI) scheme for specialty steel to boost production of high grade steel in the country. The scheme will generate employment for about 5.25 lakh people — of which 68,000 will be direct and the rest will be indirect jobs.
The scheme is expected to bring in investment of approximately `40,000 crore and capacity addition of 25 MT. In addition, it also proposes to incentivise eligible manufacturers by paying between 4% to 12%incentive on incremental production.
“Any company registered in India, engaged in manufacturing of the identified ‘specialty steel’ grades will be eligible to participate in the scheme. It will however, have to ensure that the steel used for making specialty steel is melted and poured in the country, thereby ensuring end-to-end manufacturing keeping in view the Prime Minister’s, Atmanirbhar Bharat,” the Centre issued a statement. The scheme will cover coated/plated steel products; high strength/wear resistant steel; specialty rails; alloy steel products, steel wires and electrical steel.
