 "The steel ministry has urged the Ministry of Finance to double the basic Customs duty on imported finished steel products to 15 per cent from the current 7.5 per cent in the upcoming Union Budget for 2025–26, people aware of the matter said.")
Companies have invested Rs 17,581 crore under the production-linked incentive (PLI) scheme for specialty steel till October 2024, the government said on Monday.
To encourage domestic production of 'specialty steel' and lower imports by drawing in capital investments, the government introduced the PLI scheme for specialty steel.
"As of October 2024, companies have already invested Rs 17,581 crore and generated over 8,660 in employment," the steel ministry said in a statement.
Participating companies have committed to an investment of Rs 27,106 crore, direct employment of 14,760 and estimated production of 7.90 million tonnes of 'specialty steel' identified in the scheme.
The ministry earlier said investments in the steel sector have a long gestation period and depend on factors such as procurement of various equipment, many of which are from abroad.
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Delays due to unavoidable circumstances in the projects include supply chain delays due to geopolitical issues, unforeseen events, natural disasters and changed market, among others.
The ministry, along with other relevant government departments, has been engaging with PLI beneficiaries to resolve issues faced by companies and facilitate them to meet their commitments.
Measures have been taken to expedite clearances for projects, issue standard operating procedures for Indian visa for experts, and to address the concerns of the participating companies by continuous engagement with stakeholders.
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