India’s Ministry of Steel has included specialty steel production to be eligible for fiscal incentives under the government’s Production Linked Incentive (PLI) Scheme aimed at boosting domestic manufacturing, a government official said on Monday, February 15.
The official said that, by being put in the ambit of the PLI Scheme, the domestic specialty steel industry will be entitled to a total fiscal incentive of around $8.66 billion over a period of five years, based on achieving predetermined benchmarks of incremental production, technology upgrading, import substitution and employment generation by respective speciality steel producing units.
Steel minister Dharmendra Pradhan in a statement said that the PLI Scheme incentive for specialty steel will increase the supply of the latter by existing producers and enable the steel industry to take up production of such grades of specialty steel that are currently being entirely imported into the country, for example cold rolled grain oriented (CRGO) steel used by the domestic electrical equipment manufacturers.