Union Cabinet approves Rs 6,322-cr PLI scheme for specialty steel

The scheme has an employment generation potential of about 525,000 of which 68,000 will be direct and the rest will be indirect employment, says govt

The Union Cabinet on Thursday approved Rs 6,322-crore production linked incentive scheme for specialty steel, a move aimed at boosting domestic manufacturing and exports from the sector, Information and Broadcasting Minister Anurag Thakur said.

He said that incentives worth Rs 6,322 crore will be provided over five years and it would create over 525,000 jobs.

"It will boost manufacturing and help in reducing imports," he told reporters in New Delhi

The PLI scheme would cover coated/plated steel products; high strength/wear resistant steel; specialty rails; alloy steel products, steel wires and electrical steel. "These steel products are used in a variety of applications which