Economy
Jyotiraditya Scindia Announces PLI 2.0 For Speciality Steel
Union Minister of Steel, Jyotiraditya Scindia (PIB)
Jyotiraditya Scindia, the Union Minister of Steel, announced that the government will launch the second edition of the Production Linked Incentive (PLI) scheme for specialty steel on Friday (17 March) to encourage the manufacturing of value-added steel in India.
The minister spoke at the Specialty Steel MoU signing event in the national capital, attended by companies investing in the Rs 6,322-crore scheme.
The speaker declared that the first edition of PLI for specialty steel was a crucial moment for the industry's history and future. He stated that it marked not the end, but the start of the journey, and that the ministry was already exploring PLI 2.0.
The minister urged industry stakeholders to provide feedback for prompt preparation of the next PLI Scheme for specialty steel.
27 steel companies inked 57 MoUs with the Ministry of Steel. The agreements are aimed at producing a range of steel products, including coated steel, specialty rails, alloy steel, and electrical steel.
An investment of Rs 30,000 crore in the domestic steel industry will add 25 million tonnes per year of capacity and create 55,000 new jobs.
MoS for Steel Kulaste stated that the scheme has garnered immense interest and will transform the industry as a game changer.
He added that the country is shifting towards advanced technologies and more value-added steel production.
PLI scheme for specialty steel production in India was approved by the Union Cabinet in July 2021.
Tata Steel, JSW Steel, JSPL, AMNS India, and SAIL are the top five steel companies qualifying for the PLI scheme for specialty steel. The list also includes Gallant Metalliks, Kalyani Steels, Shyam Metalics Flat Products, and Sunflag Iron and Steel.
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