India: Steel ministry selects 67 PLI applications; INR 42,500-cr investment seen

The Ministry of Steel (MoS) has select 67 applications under the Production-Linked Incentive (PLI) scheme for Specialty Steel.

A total of 79 applications were received from 35 small and large steel-making companies, which committed to invest INR 46,000 crore and make downstream capacity addition of 28 million tonnes (mnt) by 2030.

Out of the 79 applications, 67 from 30 companies have been selected, as per a government release issued today. This will attract committed investment of INR 42,500 crore with a downstream capacity addition of 26 mnt and employment generation potential for 70,000 individuals.

It may be recalled, the Production Linked Incentive (PLI) Scheme for Specialty Steel was approved by the Union Cabinet on 22 July, 2021, with a five-year financial outlay of INR 6322 crore to promote manufacturing of "specialty steel' within the country by attracting capital investment., The aim also includes generation of employment and promotion of technology up-gradation in the steel sector. The scheme was notified in the official gazette on 29 July, 2021 and detailed scheme guidelines were published on 20 October, 2021.

The application window for participation in the PLI scheme was closed on 15 September, 2022.