Indian prime minister, Narendra Modi, and Russian president, Vladimir Putin, have held discussions for production of special steel under India’s Production Linked Incentive (PLI) Scheme, leveraging technologies of Russian state steel institutes, an Indian government statement said on Tuesday, December 7.
During the visit of the Russian president to New Delhi, “Discussions were held on production of specialty steel under the PLI Scheme and on utilization of Russian technologies and collaboration with Indian private steel producers. The Indian side welcomed the interest of Russia in learning about India’s experience of using coal residues,” the government statement said.
“A mutually beneficial memorandum of understanding (MoU) was signed between India and Russia for reliable long-term supplies of coking coal to India,” the statement added.
Under the PLI Scheme, the Indian government offers fiscal incentives for creating incremental production capacities of select products across several industries, including setting up special steel-making capacities by domestic steel mills.