PLI scheme for speciality steel gets government nod
Steel

PLI scheme for speciality steel gets government nod

The central government has approved the Production Linked Incentive (PLI) scheme for speciality steel. The time period of the scheme is five years, from 2023-24 to 2027-28. The scheme is anticipated to get an investment of around Rs 40,000 crores and capacity addition of 25 million tonne (mt) for speciality steel, with a budgetary outlay of Rs 6,322 crore. The scheme would provide employment to around 5,25,000 people, of which 68,000 will be employed directly.

Speciality steel was picked as the target segment because only 18 mt of value-added steel/speciality steel were produced out of 102 mt of steel in India in 2020-21 in the country.

Besides this, approximately 4 mt import was of speciality steel alone out of 6.7 mt of imports in the same year, resulting in the forex expenditure of around Rs 30,000 crore.

India will go up in the steel value chain by becoming Atma Nirbhar in producing speciality steel and reach an equilibrium with advanced steelmaking countries like Korea and Japan.

It is predicted that by the end of 2026-27, the speciality steel production is going to become 42 mt. It will make sure that speciality steel worth around Rs 2.5 lakh crores will be produced and consumed in the country that otherwise would have been imported.

In the same way, the speciality steel export is going to become approximately 5.5 mt, unlike the current 1.7 mt of speciality steel getting forex of Rs 33,000 crore.

Image Source

The central government has approved the Production Linked Incentive (PLI) scheme for speciality steel. The time period of the scheme is five years, from 2023-24 to 2027-28. The scheme is anticipated to get an investment of around Rs 40,000 crores and capacity addition of 25 million tonne (mt) for speciality steel, with a budgetary outlay of Rs 6,322 crore. The scheme would provide employment to around 5,25,000 people, of which 68,000 will be employed directly. Speciality steel was picked as the target segment because only 18 mt of value-added steel/speciality steel were produced out of 102 mt of steel in India in 2020-21 in the country. Besides this, approximately 4 mt import was of speciality steel alone out of 6.7 mt of imports in the same year, resulting in the forex expenditure of around Rs 30,000 crore. India will go up in the steel value chain by becoming Atma Nirbhar in producing speciality steel and reach an equilibrium with advanced steelmaking countries like Korea and Japan. It is predicted that by the end of 2026-27, the speciality steel production is going to become 42 mt. It will make sure that speciality steel worth around Rs 2.5 lakh crores will be produced and consumed in the country that otherwise would have been imported. In the same way, the speciality steel export is going to become approximately 5.5 mt, unlike the current 1.7 mt of speciality steel getting forex of Rs 33,000 crore. Image Source

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?