Govt approves Rs.6322-Cr PLI scheme for specialty steel,  creates 5.25 lakh employments
Govt approves Rs.6322-Cr PLI scheme for specialty steel, creates 5.25 lakh employments
Share:

NEW DELHI: In a key expansion for the country's steel sector, the Union Cabinet approved a production-linked incentive (PLI) scheme for the manufacturing of specialty steel, with an outlay of Rs 6,322 crore.

The scheme will boost the production of high-grade specialty steel in the country. Further, it will lead to enhanced exports and minimise dependence on imports for high-end steel, a statement said. The scheme is expected to bring in investment of approximately Rs 40,000 crore and capacity addition of 25 MT. The duration of the scheme will be 5 years, commencing from 2023-24 to 2027-28. With a budgetary outlay of Rs 6,322 crore, the PLI scheme would cover coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products, steel wires, and electrical steel.

 These steel products are used in a variety of applications which are both strategic and non-strategic and include white goods, automobile body parts and components, pipes for transportation of oil and gas, boilers, ballistic and armour sheets for defence applications, high-speed railway lines, turbine components, electrical steel meant for power transformers, and electric vehicles. India presently operates at the lower end of the value chain in the steel sector. Value-added steel grades are largely imported in India.

PM Pension Yojana Scheme offers Rs 1.11 Lakh Per Year, Details inside

Pandemic-led Tax and cost cuts buoy India Inc net by 105 pc in FY21: SBI Report

India growth forecast by CEA Krishnamurthy Subramanian: Economy to grow at 6.5-7 pc

 

Join NewsTrack Whatsapp group
Related News