Govt gives green signal to Rs 6,322-crore PLI scheme to boost production of specialty steel in India

23 Jul 2021 Evaluate

With an aim to boost production of specialty steel in India, the government has given green signal a Rs 6,322-crore production linked incentive (PLI) scheme. Information and Broadcasting Minister Anurag Thakur said that incentives worth Rs 6,322 crore will be provided over five years and it would create over 5.25 lakh jobs. He added ‘It will boost manufacturing and help in reducing imports’. Besides, the Ministry of Steel said the scheme will also attract an additional investment of about Rs 40,000 crore and lead to a capacity addition of 25 million tonnes (MT). The duration of the scheme will be five years, from 2023-24 to 2027-28.

The PLI scheme will cover coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products, steel wires and electrical steel. These steel products are used in white goods, automobile body parts and components, pipes for transportation of oil and gas, boilers, ballistic and armour sheets meant for defence application, high-speed railway lines, turbine components, electrical steel meant for power transformers and electric vehicles. The Steel Ministry said India presently operates at the lower end of the value chain in steel sector. Value added steel grades are largely imported in India.

It said ‘This is because of the disabilities faced by the steel industry to the tune of USD 80-100 per tonne, on account of higher logistics and infra cost, higher power and capital cost and, taxes and duties.’ The objective of the PLI scheme for specialty grade steel is to address this challenge by incentivising production of specialty steel within the country. The scheme proposes to incentivise eligible manufacturers by paying between 4 per cent to 12 per cent incentive on incremental production. PLI incentive will also help the Indian steel industry mature in terms of technology and move up the value chain, the ministry said.

According to the Steel Ministry, any company registered in India, engaged in manufacturing of the identified ‘specialty steel’ grades, will be eligible to participate in the scheme. The company has to ensure that the steel used for making ‘specialty steel’ is ‘melted and poured’ in the country, thereby ensuring end-to-end manufacturing keeping in view the Prime Minister’s Atmanirbhar Bharat’ vision. It further said the PLI scheme for specialty steel is expected to play an important role in strengthening domestic steel value chain and will incentivise the steel sector to invest in technological capability building to contribute to global steel value chain by producing value added steel.

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