Minister of State for Steel Faggan Singh Kulaste has said that the production-linked incentive (PLI) scheme for specialty steel will prove to be a ‘game changer’ for the industry as the move is expected to increase the output of value-added steel and see introduction of new age technologies in the sector.
On the issues being faced by the domestic steel sector, Kulaste said the challenge is to develop Indian steel sector as more efficient, competitive and to be capable of producing quality steel including value-added steel as also enhance per capita steel consumption. Further, he said other focus areas are availability of raw material at competitive price and to be a world leader in energy efficiency and sustainability. He also said that a vibrant domestic steel industry is important for a developing economy as it is a critical input across major sectors such as construction, infrastructure, automotive, capital goods, defence, rail etc. Launching of game changer PLI scheme will increase domestic production of value-added steel and herald the introduction of new technologies.
On July 22, the Union Cabinet chaired by Prime Minister Narendra Modi approved the Rs 6,322-crore PLI scheme to boost production of specialty steel in India, attract fresh investments and create new job opportunities in the sector. The scheme aims to attract an additional investment of about Rs 40,000 crore and lead to a capacity addition of 25 million tonnes (MT), besides generating 5.25 lakh job opportunities.
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