Under the Production Linked Incentive (PLI) Scheme for Specialty Steel, 57 MoUs have been executed for generating an investment of ₹29,500 crores, additional capacity of 25 MT for producing specialty steel grades and an additional employment to about 17,000 people by FY 2027-28. It may be mentioned that the PLI scheme, a vital initiative in India’s industrial growth trajectory, was notified in July 2021 for fostering investments and enhancing capacities in the specialty steel segment.
As of Dec ’23, the selected companies have already invested about ₹12,900 crores against an investment commitment of ₹21,000 crores up to the current financial year. It is expected that another ₹3,000 crores will be invested by these companies during FY’24, i.e., about ₹16,000 crores of a total of ₹29,500 crores will be invested by FY 2023-24. The Ministry of Steel envisages an investment of ₹10,000 crore in FY 2024-25. It is also pertinent to mention that 5 units have begun production, and 9 more units are expected to begin production in this quarter.
