Sumary of PLI Scheme Worth Rs 6,322 Cr Approved for Specialty Steel by Cabinet, Ladakh Gets a Central University:
- Union Cabinet on Thursday approved a Production Linked Incentive (PLI) Scheme worth Rs 6,322 crore for speciality steel production for five years.
- The duration of the scheme will be five years, from 2023-24 to 2027-28. It is expected that an investment of Rs 39,625 crore investment will be made in specialty steel production.
- The scheme will serve the purpose of boosting the production of high-grade speciality steel in the country.
- It will also be used to cover coated or plated steel products as well as high-strength or wear-resistant steel, speciality rails, alloy products, steel wires and even electrical steel.
- Apart from boosting production, the government aims to use this scheme to lead to enhanced exports and minimising dependence on imports for high-end steel.
- The aim of this PLI speciality steel scheme is to address the issue of India’s disproportionate level of imports when it comes to steel.
- The reason is that there is a severe ‘disability’ as the government puts it, faced by the steel industry.
- Recommended For You The objective of the PLI scheme for speciality grade steel is to therefore address this glaring weak point by incentivising the production of speciality steel within the country.