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Business Economy

EGS meet to address issues on PLI scheme for specialty steel: Minister

New Delhi, Oct 25 (UNI) Days after the Ministry of Steel issued guidelines of the Production Linked Incentive scheme for specialty steel, Union Steel Minister Ram Chandra Prasad Singh said on Monday that a meeting of empowered group of secretaries will be called to address issues of the companies looking to invest under the PLI scheme for the value added steel.
The scheme is aimed at reducing India's dependence on imports for specialty steel. Speaking at a seminar on Production Linked Incentive scheme for ‘specialty steel' organised by industry body FICCI, Singh said that applications from companies will be invited from second week of November and concerns, if any, will be taken up at the meeting of the EGS.
Recognising that specialty steel finds application in various sectors including auto, defence, construction, the Union Cabinet chaired by Prime Minister Narendra Modi had approved a Rs 6,322-crore PLI scheme on July 22 to boost production of specialty steel in India, attract additional investment of about Rs 40,000 crore and generate fresh 5.25 lakh job opportunities.
Earlier, in his address, Minister of State for Steel Faggan Singh Kulaste asked all stakeholders to discuss and come out with suggestions on the scheme and expressed confidence over attracting strong participation from domestic and internal players and investments to produce the high end steel.
India needs to boost the production of high-grade specialty steel for enhanced exports, while simultaneously minimising the imports. Specialty steel imports comprise a predominant share of total imports for steel products in the country with around 4 million tonnes import of specialty steel out of the total 6.7 MT of steel shipped into the country in FY 2020-21. It is expected that the implementation of the PLI scheme, alongwith other Government initiatives such as Bharatmala, Sagarmala and Housing for All, will lead to a 140% increase in the production of speciality steel by 2026-27 over the baseline period of FY 2019-20, reduce import dependence to the tune of 76 % and increase exports by 244%.
The PLI for specialty steel sector is also important for industry which is looking at support for indigenous development, strengthening of value chain and trade flows and attracting investments in technological capabilities, thus creating a synergistic effect for the sector.
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