Rs 6,322-crore steel PLI scheme likely to get Cabinet approval soon

A PLI scheme in specialty steel is expected to boost manufacturing capabilities for value-added steel, increasing exports

The Union Cabinet is likely to approve soon a Rs 6,322-crore Production-Linked Incentive (PLI) scheme to boost domestic manufacturing of speciality steel and attract more investments, government officials said.
 
The scheme will offer an incentive of 4-15 per cent to eligible companies on incremental production, conditional on minimum investment for speciality steel manufactured in India and covered under the PLI scheme. The scheme will be implemented over 2023-24 to 2029-30, an official said, adding there would be a cap on maximum incentive paid to each beneficiary. The base year will be 2019-20.
 
The scheme will cover five broad