Indian Govt Signs MoUs With 27 Companies Under PLI Schemes For Specialty Steel

The Ministry of Steel on Friday announced it 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 on Friday at Vigyan Bhawan, New Delhi. The Union Minister of Steel and Civil Aviation, Jyotiraditya Scindia along with Minister of State for Steel, 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 of India has approved Rs 6322 crore to give a new impetus to the Steel sector.

Scindia said that the PLI scheme is expected to generate an investment of about Rs 30,000 crore and additional capacity creation of about 25 Million Tonne 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 third largest economy by the year 2030-31 as per the resolve and determination of the Prime Minister Shri Narendra Modi, he added.

He said that India is set to become a power house of manufacturing which will increase the share of Steel in GDP from 2 to 5 per cent.