PLI scheme (Production Linked Incentive) was approved by the union cabinet on 23 July 21. This scheme is launched for improving the steel sector’s performance. This scheme’s main focus is on specialty steel.
PLI (Production linked Incentive) 2023
PLI scheme is launched for making the country independent in specialty steel. The main motto of this scheme is to revolutionize the steel sector of the country.
This scheme will help the steel sector in growing and being self-dependent on specialty steel. This scheme will also help in increasing investment in this sector.
Official information about the scheme
|Scheme Name||PLI (Production Linked Incentive)|
|Launched by||Union Cabinet|
|Department||Ministry of Steel|
|Target||Making India self-dependent on specialty steel|
Budget of the PLI
The budget of this scheme is a very big number. The budget of this scheme is 6,322 crore rupees.
How much investment the government is expecting from this scheme?
The Indian government is expecting a big number as investment from this scheme. The expected amount of investment under this scheme is 40 thousand crore rupees.
As a step closer to building #AatmanirbharBharat, the Union Cabinet approved the PLI scheme for specialty steel, earlier today. Aimed at boosting production in India, the scheme is expected to bring in investment of approximately Rs 40,000 crore and capacity addition of 25 MT. pic.twitter.com/Jg4nAfsBn7— Indian Steel Association (@steel_indian) July 22, 2021
Lifespan of PLI
The life span of this scheme will be five years. This scheme will start from 2023-24 and ends in the 2027-28 financial year.
How much increase will be expected in production and export after PLI?
After this scheme, the expected increase in production will be 4 crore and 20 lakh tons. The numbers expected in the export will be 55 lakh tons after this scheme.
Specialty steel is a value-added product of normal steel, like stainless steel. However, there is no specific universal definition of specialty steel exist.
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