Ministry expects 42m tonnes of Specialty Steel production by 2026-27

The Cabinet has approved Production-Linked Incentive Scheme for Specialty Steel which will boost exports to about 5.5 million tonnes a year and earn foreign exchange of Rs.33,000 crore. Current Specialty Steel export is 1.7 million tonnes a year.

Announcing the PLI scheme, the Steel Ministry said it expected approximately Rs.2.5 lakh crores worth of speciality steel production and replace imports.

Speciality steel production is expected to reach 42 million tonnes a year by 2026-27.

The scheme will benefit both big players i.e. integrated steel plants and the smaller players (secondary steel players), the Ministry said on 22 Oct 2021, announcing the PLI scheme.

The five categories of specialty steel PLI Scheme are:

Coated/Plated Steel Products
High Strength/Wear resistant Steel
Specialty Rails
Alloy Steel Products and Steel wires
Electrical Steel

Guidelines for an effective operation and smooth implementation of PLI Scheme have been notified on 20 Oct 2021 on the website of Ministry of Steel. Guidelines offer clarity on operational aspects of the Scheme such as the application, eligibility, disbursement of incentive and so on. Link for guidelines: https://steel.gov.in/sites/default/files/Scheme%20Guidelines_Final_Upload.pdf #investment #manufacturing #exports /fiinews.com