In a big boost to India's steel industry, large firms such as SAIL, Tata Steel, AM/NS, JSW, and JSPL have been identified beneficiaries of the Production Linked Incentive (PLI) 1.1 scheme for specialty steel. The scheme is likely to give a fillip to domestic production and cut down imports.
-
Investment Commitment: The identified firms have committed investments worth ₹17,000 crore.
-
Government Assistance: Union Steel Minister H D Kumaraswamy underlined the need to prioritize the production of specialty steel to serve domestic needs.
-
Incentives Provided: The PLI scheme offers incentives between 3-4% of production value to incentivize investment in niche steel items.
-
Production Timeframe: The scheme will be functional from financial years 2025-26 to 2029-30, aiming at different specialty steel categories.
Wider Implication: The project intends to generate employment opportunities and improve India's capability to manufacture high-grade steel.
Source: Economic Times