The Ministry of Steel has signed 57 MoUs’ with 27 companies for specialty steel under the Production Linked Incentive (PLI) Scheme. An event to exchange of MoUs’ with companies was organised by the Ministry of Steel in New Delhi recently. The Union Minister of Steel and Civil Aviation, Mr. Jyotiraditya Scindia along with Minister of State for Steel, Mr. Faggan Singh Kulaste gave away the MoUs’ to the representatives of the companies.
The Minister of Steel and Civil Aviation commended the initiatives of the participating companies in the PLI Scheme for specialty steel.
Under the PLI scheme, the Government has approved Rs. 6322 crores to give a new impetus to the Steel sector. Mr. Scindia said that the PLI scheme is expected to generate an investment of about Rs. 30,000 Crores and additional capacity creation of about 25 Million Tonnes of specialty steel in the next 5 years.
This will also create great opportunities for direct and indirect job creation, besides contributing towards achieving the status of 3rd largest economy by the year 2030-31 as per the resolve and determination of the Prime Minister Mr. Narendra Modi.
The Union Minister also highlighted that in the Budget 2023-24 the Prime Minister and the Finance Minister Ms. Nirmala Sitharaman have announced Rs. 10 lakh crore Capital Expenditure Plan that becomes the source of great demand for our industry.
The Minister said India is set to become a power house of manufacturing which will increase the share of Steel in GDP from 2 to 5%.