Union Cabinet approves Rs 6,322 crore PLI scheme for speciality steel

Move likely to attract investment of Rs 40,000 crore, capacity addition of 25 mn tonnes; create over 500,000 jobs

The Union Cabinet on Thursday approved Rs 6,322 crore production-linked incentive (PLI) scheme for speciality steel in a move that is expected to attract an additional investment of about Rs 40,000 crore and capacity addition of 25 million tonnes in the segment.

According to a government statement, the scheme will give employment to about 525,000 people of which 68,000 will be direct employment.

Speciality steel has been chosen as the target segment by the government because out of a production of 102 million tonnes of steel in 2020-21, only 18 million tonnes of value-added steel/speciality steel were produced in the