PLI scheme: 57 MoUs for the specialty steel sector were signed with 27 companies

Under the government’s production-linked incentive scheme, the Ministry of Steel signed 57 MoUs with a total of 27 companies on Friday, especially for specialty steel.

In order to encourage the manufacture of specialty steel, the Ministry of Steel signed 57 Mous with a total of 27 companies on Friday. Jyotiraditya Scindia, the Union Minister for Steel, stated after the agreements were signed that these incentives will result in the creation of roughly Rs 30,000 crore in new investments in specialty steel in India.

“The employment that would be generated through this (PLI) will be roughly about 50,000-55,000, and it will certainly result in value addition in the steel sector which is extremely important. The steel sector is slowly moving and evolving towards the demands and needs of the downstream industries,” Scindia told reporters.

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The PLI scheme has selected coated/plated steel products, high strength/wear resistant steel, speciality rail, alloy steel products and steel wires, and electrical steel as the five categories of specialty steel.

The Union Cabinet approved the Production-Linked Incentive (PLI) Scheme for Specialty Steel on July 22, 2021, with a five-year capital investment of Rs 6322 crore. The project’s goal is to encourage manufacturing in the nation by luring in capital investments, employment creation, and promoting technological advancement in the steel sector. According to the government, 35 small and large steel-making companies submitted a total of 79 applications.

Source:ANI