Under the leadership of the Hon’ble Prime Minister, Narendra Modi, the Union Cabinet has taken a historic decision to introduce a Production-linked Incentive (PLI) Scheme for Specialty Steel.
Lauding the decision, Soma Mondal, Chairman, SAIL has commented, “I thank our Hon’ble Prime Minister, Narendra Modi Ji for this path-breaking scheme for the steel industry. The steel industry has climbed higher on the charts of the world steel production in recent years and this scheme shall provide additional impetus to the sector to reach greater heights in the future. This significant decision to introduce PLI for specialty steel will have far-reaching positive impacts on the domestic steel industry in general and SAIL in specific. We shall consider the scheme while deciding our next CAPEX cycle and product-mix in the coming times.”
She also thanked the Steel Ministry for this scheme, which is aimed at encouraging the production of high-value special steel including import substitutes in the country by incentivizing the domestic steel producers. The scheme will also act as a booster to ‘Atmanirbhar Bharat’ where the country is primarily enhancing domestic productions capabilities to be self-sufficient in fulfilling its steel requirements. The scheme shall undoubtedly place the Indian steel industry up in the value chain in the global arena.
The PLI scheme for specialty steels will encourage new technological interventions and innovations in the domestic steel sector. SAIL is expected to capitalize on the opportunity and contribute to the Government’s efforts in making a strong and self-reliant India.