Union Cabinet recently 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.
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With a budgetary outlay of Rs 6322 crores, the scheme is expected to bring in investment of approximately Rs 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.
Speciality steel has been chosen as the target segment because out of the production of 102 million tonnes steel in India in 2020-21, only18 million tonnes value added steel/speciality steel was produced in the country.
The five categories of specialty steel which have been chosen in the PLI Scheme are Coated/Plated Steel Products; High Strength/Wear resistant Steel; Specialty Rails; Alloy Steel Products and Steel wires; Electrical Steel.