NEW DELHI: Agreements have been signed with 26 entities for 54 applications under the production linked incentive (PLI) for specialty steel, Union Steel Minister Jyotiraditya M Scindia said on Thursday.
The minister made the remarks at the Global Zinc Summit 2023 in New Delhi where he also urged the stakeholders to explore investment opportunities in India. "We had a production linked incentive for speciality steel and that includes steel products with zinc. I report we have awarded 54 applications submitted from close to 26 companies, which will lead to an investment of Rs 30,000 crore, a capacity addition of 26 million tonne and employment generation potential of about 25,000 people," Scindia said.
India is the fourth largest producer of zinc contributing to six per cent of the world's capacity alone, he said adding 80% of the non-ferrous metal produced in the country is consumed domestically. In India, the government has announced a huge capex of Rs 10 lakh crore for infrastructure which has opened tremendous investment opportunities across the sectors, the minister informed the participants of the summit. "Zinc is consumed in galvanising, structurals, wires, cables and trains etc but there are new markets which represent tremendous opportunities like renewable energy, rural electrification, galvanising rebars. There are new opportunities," he said. The top five steel entities are namely Tata Steel, JSW Steel, Jindal Steel and Power Limited, ArcelorMittal Nippon Steel India India and Steel Authority of India.
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