India Government Announced New PLI Scheme for Specialty Steel

SEATTLE (Scrap Monster): The Indian government gave final approval for a Production-Linked Incentive (PLI) scheme for Specialty Steel. The scheme is expected to boost investment in the sector, in addition to creating thousands of jobs. It is aimed at supporting domestic manufacturing and exports of steel.

Announcing the decision, Anurag Thakur, Minister-Information and Broadcasting noted that the scheme proposes to provide incentives worth INR 6,322 crore over a five-year period from 2023-’24 to 2027-‘28. It would result in creation of over 525,000 jobs, out of which around 68,000 will be direct, while the rest will be indirect jobs. The PLI scheme is likely to bring in investment of nearly INR 40,000 crore and expand steelmaking capacity by additional 25 MT.

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The Ministry statement noted that the scheme would be applicable for a wide range of specialty steel products such as coated/plated steel products; high strength/wear resistant steel; specialty rails; alloy steel products, steel wires and electrical steel.

All domestically registered companies that are engaged in the manufacture of the above mentioned specialty steel categories will be eligible to participate in the scheme, with the condition that steel used for making specialty steel must be melted and poured in the country.