December 7, 2023
The scheme has been allocated INR 6322 crores
The industry aims to create an additional capacity of about 25 million tonnes of speciality steel over the next five years
For the current financial year, 935 thousand tonnes of speciality steel output have been committed
The employment generation during September 2023 reached 3785
As of September 2023, the domestic steel industry has invested INR 10,730 crore as part of the committed INR 29,531 crore under the Production-Linked Incentive (PLI) Scheme for the sector.
The Speciality Steel PLI scheme aims to produce steel grades typically imported to meet local demand. The scheme has been allocated INR 6322 crores to create an additional capacity of about 25 million tonnes of speciality steel over the next five years.
Experts reported that 935 thousand tonnes of speciality steel output have been committed for the current financial year, with none produced as of September’s end. The employment generation during this period reached 3785, and incentives under the PLI will be disbursed from the fiscal year 2024-25 onwards.
Addressing challenges faced by companies participating in the PLI scheme, Experts outlined steps taken by the government. The scope of the Project Monitoring Group (PMG), originally mandated to monitor large-scale infrastructure projects, has been extended to address issues such as land acquisition, environmental clearances, and forest clearances, among others, faced by PLI-approved companies during the scheme period. The Ministries of Home and External Affairs also issued a Standard Operating Procedure (SoP) to facilitate visas for experts supporting PLI beneficiaries.
Source: Economic Times