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Business Economy

FICCI welcomes PLI scheme for specialty Steel Sector

Kolkata, Jul 22 (UNI) FICCI on Thursday welcomed the government’s move to approve Production-linked Incentive (PLI) Scheme for Specialty Steel sector.
The scheme will boost the production of high-grade specialty steel in the country and will lead to enhanced exports, while simultaneously minimizing the imports for high end steel.
Commenting on the decision taken at the cabinet meet today, Uday Shankar, President, FICCI said, "FICCI welcomes PLI for specialty steel sector, which will support indigenous development, strengthen value chain and trade flows and attract investments in technological capabilities, creating a synergistic effect for the industry. We thank the Prime Minister, Mr Narendra Modi for this move which will not only bring in investments to the tune of Rs 40,000 crore in the sector but will also provide the much-needed employment to over 5 lakh people and reduce our dependence on imports thus strengthening our resolve for Atmanirbhar Bharat.”
Commending the approval of the much-needed PLI Scheme for the steel sector, Ms Soma Mondal, Chair, FICCI Steel Committee & Chairman, Steel Authority of India Ltd. said, “PLI scheme for specialty steel, would not only enhance domestic capabilities, production and employment but would also support nation’s quest for value added steel, strengthening its position in global steel landscape. As Indian steel industry, we welcome the initiative.”
Specialty steel imports comprise a predominant share of total imports for steel products in the country. Out of 6.7 million tonnes of imports in FY 2020-21, around 4 million tonnes import was of specialty steel alone resulting in a forex outgo of Rs 30,000 crores appx. Therefore, the launch of PLI scheme is a step in the right direction since it will incentivize production of specialty steel domestically.
With a budgetary outlay of Rs 6,322 crores, the PLI scheme would cover products having both strategic and non-strategic applications, including coated / plated steel products, high strength / wear resistant steel, specialty rails, alloy steel products & steel wires and electrical steel.
The steel sector contributes over 2 per cent to India’s GDP, employing around 30 lakh people,
directly and indirectly. While becoming the second largest steel producer, we have already acquired a central position in the global steel landscape and have become a force to reckon with. To further the growth momentum in the sector, PLI scheme would play a crucial role in not only enhancing manufacturing capabilities for value-added steel leading to increase in production and exports but will also attract foreign investments and advanced technology for manufacturing of specialty steel in the country.
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