New Delhi, December 16, 2022: Production Linked Incentive or the PLI Scheme for Specialty Steel was approved by Union Cabinet on 22.07.2021, with a five-year financial outlay of Rs. 6322 Crore to promote the manufacturing of ‘Specialty Steel’ within the country by attracting capital investment, generate employment and promote technology up-gradation in the steel sector. The Scheme was Notified in the official Gazette on 29.7.2021 and detailed Scheme Guidelines were published on 20.10.2021.
The application window for participation in the PLI scheme was closed on 15.09.2022. A total of 79 applications were received from 35 small and large steel-making companies, committing to investment of Rs.46,000 Crore and downstream capacity addition of 28 million tonne over by 2030.
67 applications from 30 companies have been selected. This will likely attract committed investment of Rs. 42500 Crore with a downstream capacity addition of 26 million tonne and employment generation potential of 70000.