Union Cabinet approves Rs 6,322 crore PLI scheme for specialty steel

PLI scheme will enhance exports and minimise dependence on imports for high-end steel in the country, says Anurag Thakur

Union Cabinet approves Rs 6,322 crore PLI scheme for specialty steel

Photo for representational purpose only. Reuters file

Tribune News Service

New Delhi, July 22

The government on Thursday gave its nod to roll out a Production-Linked Incentive (PLI) scheme for specialty steel with a financial support of worth Rs 6,322 crore, which will be provided to investors and producers in next five years.

A decision in this regard was taken at a meeting of the Union Cabinet chaired by Prime Minister Nrendra Modi.

Briefing media, Union Cabinet Minister for Information & Broadcasting Anurag Thakur said, the Steel Ministry has identified “five broad categories and 20 sub-categories” for the PLI scheme. Eligibility criteria to include end-to-end manufacturing, Joint Ventures (JVs) and MoUs and 20 per cent value addition by third parties.

The Minister said, “An investment of Rs 39,625 is expected in specialty steel manufacturing, as there would be a cap of Rs 200 crore per company for availing the incentive under the PLI scheme.”

The scheme will cover coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products, steel wires and electrical steel. Any company registered in India, engaged in manufacturing of the identified “specialty steel” grades eligible to participate, the Minister said.

Highlighting the benefits, Thakur pointed out the PLI scheme for the steel sector “will enhance exports and minimise dependence on imports for high-end steel in the country, bring in investment of approximately Rs 1,40,000 crore, generate potential employment of about 5.25 lakh”.

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