Government approves Production Linked Incentive (PLI) scheme for Speciality Scheme.
The Union Cabinet on Thursday approved Rs 6,322-crore production linked incentive scheme for specialty steel, a move aimed at boosting domestic manufacturing and exports from the sector, Information and Broadcasting Minister Anurag Thakur said. Highlights of Scheme
1) Generate 5.25 lakh jobs
2) Attract investment of Rs 40,000 cr
3) Boost Make in India with Incentives worth Rs. 6,322.00.
4) Duration of the scheme would be 5 years commencing from FY 2023-2024 to FY 2027-2028.
5) Products to be covered in 5 categories – Coated / Plated Steel products; High Strength / Wear resistant Steel; Specialty Rails; Alloy Steel Products; Electrical Steel.
6)Incentive to be in range of 4% to 12% on incremental production.
7) Mandatory condition – Steel used for manufacturing ‘specialty steel’ must be ‘melted and poured’ in India only so as to ensure end-to-end manufacturing setup in India.
For detailed discussion refer below attachment