<p>In a bid to cut imports of specialty steel, the government on Thursday announced Rs 6,322 crore production-linked incentive scheme, a move that could help generate 5.25 lakh new jobs.</p>.<p>Specialty steel is used in production of white goods, automobile body parts and components, pipes for transportation of oil and gas, boilers, ballistic and armour sheets used in defence application, high-speed railway lines, turbine components, electrical steel meant for power transformers and electric vehicles.</p>.<p>“India is the second largest producer of crude steel, but is dependent on imports for supply of specialty steel. The PLI scheme is aimed at making India self-reliant in specialty steel production,” I&B Minister Anura Thakur said.</p>.<p><strong>Read: <a href="https://www.deccanherald.com/business/economy-business/rbi-contemplating-pilot-launch-of-digital-currency-in-near-future-1011640.html">'RBI contemplating pilot launch of digital currency in near future'</a></strong></p>.<p>The PLI scheme for boosting domestic production of specialty steel was approved by the Union Cabinet on Thursday.</p>.<p>Thakur said the initiative will also attract an additional investment of about Rs 40,000 crore and lead to a capacity addition of 25 million tonnes (MT).</p>.<p>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.</p>.<p>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.</p>.<p>Any company registered in India, engaged in manufacturing of the identified 'specialty steel' grades, will be eligible to participate in the scheme.</p>.<p>However, the incentive offered under the scheme is capped at Rs 200 crore per business group per year, Thakur said.</p>.<p>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.</p>
<p>In a bid to cut imports of specialty steel, the government on Thursday announced Rs 6,322 crore production-linked incentive scheme, a move that could help generate 5.25 lakh new jobs.</p>.<p>Specialty steel is used in production of white goods, automobile body parts and components, pipes for transportation of oil and gas, boilers, ballistic and armour sheets used in defence application, high-speed railway lines, turbine components, electrical steel meant for power transformers and electric vehicles.</p>.<p>“India is the second largest producer of crude steel, but is dependent on imports for supply of specialty steel. The PLI scheme is aimed at making India self-reliant in specialty steel production,” I&B Minister Anura Thakur said.</p>.<p><strong>Read: <a href="https://www.deccanherald.com/business/economy-business/rbi-contemplating-pilot-launch-of-digital-currency-in-near-future-1011640.html">'RBI contemplating pilot launch of digital currency in near future'</a></strong></p>.<p>The PLI scheme for boosting domestic production of specialty steel was approved by the Union Cabinet on Thursday.</p>.<p>Thakur said the initiative will also attract an additional investment of about Rs 40,000 crore and lead to a capacity addition of 25 million tonnes (MT).</p>.<p>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.</p>.<p>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.</p>.<p>Any company registered in India, engaged in manufacturing of the identified 'specialty steel' grades, will be eligible to participate in the scheme.</p>.<p>However, the incentive offered under the scheme is capped at Rs 200 crore per business group per year, Thakur said.</p>.<p>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.</p>
