India’s ministry of steel is considering the inclusion of refractories in the list of industries to be eligible for fiscal incentives under the second phase of the Production Linked Incentive (PLI) Scheme, government sources said on Wednesday, June 7.
Once included, refractory makers would be eligible for fiscal incentives from government funds linked to incremental capacity expansions undertaken by them.
In the first phase, the government has created a fund of $771 million to be disbursed over five years to steel companies taking up projects for incremental production of specialty steel.
Sources said that the ministry of steel was in consultation with domestic refractory makers to formulate rules under which they could receive fiscal incentives under the second phase of the PLI Scheme, since domestic refractory production needs to be ramped up and be aligned to the target of achieving domestic steel production of 300 million mt by 2030.