Specialty steel companies have committed investments amounting to Rs 27,106 crore under the PLI scheme, with Rs 18,848 crore already realized by December 2024. The production reached 1.258 million tonnes, fostering self-reliance and reducing import dependency in specialty steel. This initiative aligns with the government’s ‘Make in India’ agenda and is pivotal for enhancing global competitiveness.
Specialty steel companies in India have pledged an investment totaling Rs 27,106 crore under the Production Linked Incentive (PLI) scheme. As of December 2024, the realization of this investment has reached Rs 18,848 crore, according to a written statement from Minister of State for Steel, Bhupathiraju Srinivasa Varma, in the Rajya Sabha. The output of specialty steel has reached 1.258 million tonnes during this period.
The PLI scheme for specialty steel was initiated with the purpose of drawing investments to enhance the production of high-value steel products within the country. The steel sector operates in a deregulated environment, where investment decisions and production strategies are dictated by the technical and commercial dynamics of the industry.
This initiative has foregrounded the necessity for self-reliance in specialty steel production, aiming to lessen the nation’s reliance on imports while fostering ‘Atmanirbharta.’ This self-sufficiency will be supported by capacity expansion, ensuring investments that contribute to job creation, and promoting value addition in the steel sector.
Launched as part of the government’s ‘Atmanirbhar’ initiative and ‘Make in India’ campaign, the PLI schemes encompass 14 sectors as of 2020. These schemes are designed to enhance the global competitiveness of Indian manufacturers, attract foreign and domestic investments, promote exports, integrate India into global supply chains, and reduce import dependencies.
In summary, specialty steel companies have committed extensive investments under the PLI scheme, reflecting a significant step towards enhancing India’s capacity for value-added steel production. This initiative not only aims to reduce import dependency but also strives for job creation and self-sufficiency in the sector as part of broader economic reforms.
Original Source: www.tribuneindia.com
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