Under the Production Linked Incentive (PLI) Scheme for Specialty Steel, 57 MoUs have been executed for generating an investment of ₹29,500 crores, an additional capacity of 25 MT for producing specialty steel grades and an additional employment to about 17,000 people by FY 2027-28.
As of Dec ’23, the selected companies have already invested about ₹12,900 crores against an investment commitment of ₹21,000 crores up to the current financial year. It is expected that another ₹3,000 crores will be invested by these companies during FY’24, i.e., about ₹16,000 crores of a total of ₹29,500 crores will be invested by FY 2023-24. The Ministry of Steel envisages an investment of ₹10,000 crore in FY 2024-25. It is also pertinent to mention that 5 units have begun production, and 9 more units are expected to begin production in this quarter.
It may be mentioned that the PLI scheme, a vital initiative in India’s industrial growth trajectory, was notified in July 2021 for fostering investments and enhancing capacities in the specialty steel segment.
