New Delhi: Union Cabinet on Thursday approved the incentive scheme (PLI) related to special steel to increase high-class steel production in this country.
This scheme has the potential to produce work for around 5.25 lakh people – where 68,000 will be directly and the rest will be indirect work.
In the Post The Cabinet Meeting Briefing – chaired by Prime Minister Narendra Modi – Information and Minister of Broadcasting Anurag Thakur said this step aims to improve domestic manufacturing and export from this sector.
Below, an incentive worth RS 6,322 Crore will be given for five years from 2023-24 RO 2027-28 for the manufacture of local products.
This scheme is expected to bring an investment around Rs 40,000 Crore and the addition of 25 mt capacity.
In addition, it also proposes to provide incentives to manufacturers who are eligible by paying between 4 percent to 12 percent of incentives in additional production.
“Every company registered in India, involved in the manufacture of identified ‘special steel’ values ​​will be eligible to participate in the scheme.
However, however, it must ensure that steel is used to make special steel melts and pour in the country, thus Ensuring adult-to-end manufacturing views the Prime Minister, Atmanirbhar Bharat, “the center said in the official release.
This scheme will include plated steel products / layered; High strength / wear-resistant steel; Special rail; Alloy steel products, steel cables and electric steel.