Union Cabinet, chaired by the Prime Minister, Narendra Modi, approved the Production Linked Incentive (PLI) Scheme for specialty steel. The duration of the scheme will be five years, from 2023-24 to 2027-28. With a budgetary outlay of ₹6322 crores, the scheme is expected to bring in investment of approximately ₹40,000 crores and capacity addition of 25 MT for speciality steel. The scheme will give employment to about 5,25,000 people of which 68,000 will be direct employment.
Lauding the decision, Soma Mondal, Chairman, SAIL said, “I thank our Hon’ble Prime Minister, Shri Narendra Modi ji for this path-breaking scheme for the steel industry. The steel industry has climbed higher on the charts of the world steel production in the recent years and this scheme shall provide additional impetus to the sector to reach greater heights in the future. This significant decision to introduce PLI for the specialty steel will have far reaching positive impacts on the domestic steel industry in general and SAIL in specific. We shall consider the scheme while deciding our next CAPEX cycle and product-mix in the coming times“.
Chairman also thanked the Steel Ministry for this scheme, which is aimed at encouraging the production of high value special steels including import substitutes in the country by incentivizing the domestic steel producers. The scheme will also act as a booster to ‘Atmanirbhar Bharat’ where the country is primarily enhancing domestic productions capabilities to be self-sufficient in fulfilling its steel requirements. The scheme shall undoubtedly place Indian steel industry up in the value chain in the global arena.
The PLI scheme for specialty steels will encourage new technological interventions and innovations in the domestic steel sector. SAIL is expected to capitalize on the opportunity and contribute to the Government’s efforts in making a strong and self-reliant India.
