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

21 Mar 2023 CW Team

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

Real Estate

03 Apr 2026

Loomcraft Enters South India with Kerala Store Launch

Loomcraft has launched its exclusive store in Kerala, marking its entry into South India and a key step in its nationwide expansion strategy. The move targets a region driven by tourism and premium real estate demand, where outdoor spaces play a central role in hospitality and residential experiences.Kerala’s growing base of luxury resorts, boutique hotels, villas and gated communities has created strong demand for specialised outdoor furniture. However, the region has remained underserved, with buyers relying on imports or generic products not suited to humid, coastal and monsoon-heavy cond..

Mild Steel Prices Seen Rising to Rs 61,000 Per Tonne

Mild steel prices in India, currently around Rs 58,000 per tonne, are expected to rise to nearly Rs 61,000 per tonne in April, indicating an increase of about Rs 3,000 per tonne. The anticipated rise reflects structural pressures driven by geopolitical tensions, energy constraints and limited raw material availability.Ongoing global conflict has disrupted energy markets, leading to LNG shortages that are affecting domestic steel production. Small and mid-sized manufacturers, particularly those dependent on gas-based processes, are witnessing production cuts due to constrained energy supply, re..

Vedanta Expands Transgender Workforce to 75 Employees

Vedanta has strengthened its commitment to workplace inclusion by employing 75 transgender individuals across its businesses, including Vedanta Aluminium, Hindustan Zinc, Sesa Goa, FACOR and Cairn Oil & Gas. The initiative reflects sustained hiring efforts since 2022 to build equitable opportunities across operations, corporate and technical roles.Transgender employees are engaged in functions such as operations, finance, logistics, HR, CSR, healthcare and security, with provisions for internal mobility to support career progression. The company has implemented structured policies, includi..