Cabinet approves Rs 6322 crore PLI scheme for specialty steel
An Rs 6,322-crore production linked incentive (PLI) scheme for specialty steel has been approved by the Union Cabinet. This move is aimed at boosting the domestic exports and manufacturing from this sector.
- Incentives worth Rs 6,322 crore will be provided for over five years and this scheme will create over 5,25,000 jobs.
- It will boost manufacturing and help in reducing imports
- This PLI scheme will cover wear resistant/high strength steel; plated/coated steel products; steel wires and electrical steel and alloy steel products; specialty rails.
- Production of high grade specialty steel in the country will be boosted by this scheme.
- Enhanced exports with minimising dependence on the imports of high-end steel will be enforced through this scheme.
- Investment of approximately Rs 40,000 crore with a capacity addition of 25 MT will be brought in through this scheme.
- The scheme also proposes to incentivise all the eligible manufacturers in the country by paying in the range of 4% to 12% incentive on the incremental production. The incentive will help in developing the Indian steel industry.
- Any Indian registered company who are engaged in manufacturing of specialty steel grades will be eligible to participate in the PLI scheme.
Duration of the scheme
Commencing from 2023-24 for a duration of 5 years till the year 2027- 28.
Also, this scheme has a huge potential for employment generation. Around 5,25,000 employment will be generated in the country of which 68,000 will be direct employment while the rest will be indirect employment.
Month: Current Affairs - July, 2021
Category: Government Schemes Current Affairs
|View All E-Books: Recent Release|