The Production Linked Incentive (PLI) Scheme for Specialty Steel has been approved by the .
Highlights:
The scheme will last five years, from 2023-24 to 2027-28.
The five specialty steel categories chosen for the PLI Scheme are as follows:
Steel Coated/Plated Products
Steel with a high strength/wear resistance
Specialty Rails
Steel wires and Alloy steel products
Electrical Steel
PLI incentive measures have 3 sectors, the lowest is 4%, and the highest is 12%, which have been provided for CRGO.
Schemes Requirement
With a budget of Rs. 6322 crores, the scheme is expected to generate approximately 40,000 crores in Investment and a capacity addition of 25 MT for speciality steel.
By the end of 2026-27, speciality steel production is expected to reach 42 million tonnes.
Speciality steel was selected as the goal segment because of the 102 million tons of steel produced in India in 2020-21, the country only produced 18 million tons of value-added steel/Specialty steel.