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

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?