PLI scheme: 57 MoUs for specialty steel were signed with 27 companies

The Ministry of Steel signed 57 Memoranda of Understanding (MoU) for specialty steel under the Production Linked Incentive (PLI) Plan with 27 firms. The government has given Rs 63.22 billion under the PLI scheme to revitalise the steel industry. Jyotiraditya Scindia, Union minister for Steel, praised the PLI Scheme for specialty steel participants' initiatives after the contracts were signed. According to the minister, the PLI programme is anticipated to result in an investment of around Rs 300 billion and the addition of roughly 25 million tonnes of specialty steel production capacity over the course of the following five years. In addition to helping the country reach its goal of becoming the third-largest economy by the years 2030–31, this will also offer excellent chances for the development of both direct and indirect jobs. This is in line with Prime Minister Narendra Modi's resolve and determination. The minister claimed that an international structural shift from the West to the East has made India the centre of the development and expansion of the steel industry. India is poised to become a global leader in manufacturing, increasing the share of steel in the GDP from 2 to 5%. Also read: Chhattisgarh plant is a key to NMDC Steel shares Vedanta intends to use credit funds to raise up to $1 billion