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The government is planning to introduce the second edition of the PLI scheme for specialty steel to boost production of value-added steel in the country, Union Minister of Steel Jyortiraditya Scindia said on Friday.
The minister was speaking at the PLI Scheme for Specialty Steel MoU signing event in the national capital. It was attended by the companies selected to invest under the Rs 6,322-crore scheme.
"Today is an important day in the history and future of the steel industry. PLI 1.0 is not a full stop, it is the beginning of the journey. Our ministry is already looking at PLI 2.0," he informed the participants of the first edition of PLI for specialty steel.
The minister further asked the industry stakeholders to share their suggestions and feedback so the next PLI Scheme for specialty steel can be prepared at the earliest.
As many as 27 steel companies signed 57 memorandum of agreements (MoUs) with the Ministry of Steel at the event to produce coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, steel wires and electrical steel.
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This will see an additional investment of Rs 30,000 crore in the domestic steel sector, leading to a capacity addition of 25 million tonne per annum and creating 55,000 new job opportunities.
Minister of State (MoS) for Steel Faggan Singh Kulaste said the scheme has received tremendous response from interested parties and will prove to be a "game changer" for the industry.
The country is moving towards the increased output of value-added steel and usage of new-age technologies in the sector, he added.
The Union Cabinet in July 2021 approved the PLI scheme to boost the production of speciality steel in India.
The top five steel companies -- Tata Steel, JSW Steel, JSPL, AMNS India and SAIL -- dominate the list of qualifiers under the PLI scheme for specialty steel. Besides, firms like Gallant Metalliks, Kalyani Steels, Shyam Metalics Flat Products and Sunflag Iron and Steel have been selected under the PLI scheme.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
