Production-linked Incentive Scheme extended to Specialty Steel

On 22nd July, 2021, the Union Cabinet approved Production-linked Incentive (PLI) Scheme for Specialty Steel to be provided over five years.

Aim

  • To promote manufacturing of specialty steel grades within the country by providing financial incentives.

Need

  • Low Production: Out of the production of 102 million tonnes steel in India in 2020-21, only 18 million tonnes value added steel/speciality steel was produced in the country.
  • Huge Import Dependency: India presently operates at the lower end of the value chain in Steel sector. Value added steel grades are largely imported in India.
  • Sector in Uptrend: The steel sector is on an uptrend ....
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