Govt approves ₹6,322 cr PLI scheme for specialty steel

Cabinet also approved plan to set up central varsity, infra development corporation in Ladakh

Govt approves  ₹6,322 cr PLI scheme for specialty steel

Cabinet also approved plan to set up central varsity, infra development corporation in Ladakh.

The Union cabinet chaired by Prime Minister Narendra Modi on Thursday approved a 6,322 crore production-linked incentive (PLI) scheme for specialty steel that is expected to attract investments of around 40,000 crore.

The decision is part of India’s playbook of creating global manufacturing champions in India and bring the country on a par with global steel making majors such as South Korea and Japan. The aim is to help India specialty steel production reach 42 million tonnes (MT) by 2026-27 from 18MT today.