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PLI SCHEME FOR SPECIALTY STEEL

PLI SCHEME FOR SPECIALTY STEEL

Context:

The Union Cabinet approved the Production Linked Incentive (PLI) Scheme for specialty steel.

About PLI Scheme:

  • The duration of the scheme will be 5 years, from 2023-24 to 2027-28.
  • There are 3 slabs of PLI incentives, the lowest being 4 % and highest being 12% which has been made available for electrical steel (CRGO).
  • It has a budgetary outlay of ₹6322 crores.

The 5 categories of specialty steel which have been chosen in the PLI Scheme are:

  • Coated/Plated Steel Products
  • High Strength/Wear resistant Steel
  • Specialty Rails
  • Alloy Steel Products and Steel wires
  • Electrical Steel

Significance of the scheme:

  • The scheme is expected to bring in investment of approximately ₹40,000 crores and capacity addition of 25 MT for speciality steel.
  • By the end of 2026-27, it is expected that the speciality steel production will become 42 million tonnes.
  • Speciality steel has been chosen as the target segment because out of the production of 102 million tonnes steel in India in 2020-21, only18 million tonnes value added steel/speciality steel was produced in India.

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