India has emerged as world’s second largest crude metal producer since 2018 and second largest shopper of completed metal since 2019. (Representative picture)
India emerged as world’s second-largest crude metal producer since 2018 and second largest shopper of completed metal since 2019
The software window for monetary incentives below the PLI Scheme for Specialty Steel was closed in September 2022 and the federal government acquired 79 functions from 35 corporations, out of which MoU have been signed with 27 chosen corporations masking 57 functions, stated Union Minister Faggan Singh Kulaste.
The production-linked incentive (PLI) scheme for specialty metal was permitted by the federal government on July 22, 2021, with a monetary outlay of Rs 6,322 crore. India has emerged as world’s second-largest crude metal producer since 2018 and second largest shopper of completed metal since 2019.
“Application window was closed on 15.09.2022. Government acquired 79 functions from 35 corporations out of which Memorandum of Understanding (MoU) have been signed with 27 chosen corporations masking 57 functions. Companies taking part within the PLI scheme have dedicated to an funding of ₹ 29,530 crores, downstream capability addition of 24.78 million tonne and employment to about 55,000,” Union Minister of State for Steel and Rural Development Faggan Singh Kulaste stated in a written reply to a question within the Rajya Sabha.
The objective of the PLI Scheme is to promote domestic manufacturing of ‘Specialty Steel’ within the country by attracting capital investment, generate employment and promote technology up-gradation in the steel sector.
Salient features of the scheme include – 3 slabs of incentives, participation only by companies registered in India, commitment to thresholds of investment and incremental production given in the scheme guidelines.
Specialty steel is a value-added steel wherein normal finished steel is worked upon by way of coating, plating, heat treatment and so on, useful in applications requiring specific properties such as defence, space, power, automobile, specialised capital goods etc. Additional production of specialty steel is required for the domestic steel sector to move up the global value chain.
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