The Ministry of Steel has entered into agreements with 27 companies, signing a total of 57 Memoranda of Understanding (MoUs') for the specialty steel under the Production Linked Incentive (PLI) scheme.

The event was held at Vigyan Bhawan in New Delhi and attended by Union Minister of Steel Jyotiraditya Scindia.

The government has approved Rs 6,322 crore under the PLI scheme to give a boost to the steel sector.

Scindia lauded the participating companies for participating in the PLI scheme and stated that the scheme is expected to draw an investment of about Rs 30,000 crore, resulting in the creation of around 25 million tonnes of specialty steel in the next five years.

The minister emphasised that the PLI scheme would not only contribute to the creation of direct and indirect job opportunities but also help India achieve the status of the world's third-largest economy by 2030-31.

Scindia further highlighted the recent Budget announcement of a Rs 10 lakh crore Capital Expenditure Plan, which would provide an immense demand boost to the steel industry.

He said that India is set to become a power house of manufacturing which will increase the share of steel in GDP from 2 to 5 per cent, according to a Steel Ministry release on Friday (17 March).

The minister assured the industry that necessary clearances and bottlenecks would be promptly addressed.

The Minister also discussed the importance of transitioning from a hard-to-abate sector to a low carbon emission sector, citing the steel sector's 12 per cent contribution to carbon emissions.

Scindia emphasised the need to move towards carbon neutrality through initiatives like the Green Steel and Green Hydrogen Mission, and the potential for boosting the circular economy in the sector.