Union Cabinet approves Rs 6,322-crore PLI scheme for specialty steel, to generate 5.25 lakh jobs

There are 3 slabs of PLI incentives, the lowest being 4 % and highest being 12% which has been provided for electrical steel (CRGO).

New Delhi: The Union Cabinet, chaired by the Prime Minister Narendra Modi, on Thursday approved the Production Linked Incentive (PLI) Scheme for specialty steel. The duration of the scheme will be five years from 2023-24 to 2027-28. With a budgetary outlay of Rs 6322 crores, the scheme is expected to bring in investment of approximately Rs 40,000 crores and capacity addition of 25 MT for speciality steel. The scheme will give employment to about 5.25 lakh people of which 68,000 will be direct employment. The five categories of specialty steel which have been chosen in the PLI Scheme are: 1. Coated/Plated Steel Products