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
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.