In a significant step towards strengthening the steel industry, companies have invested a remarkable Rs 17,581 crore under the government’s production-linked incentive (PLI) scheme for specialty steel by October 2024, as confirmed on Monday. This initiative aims to bolster domestic production of specialty steel, reduce import dependence, and attract substantial capital investments.
“As of October 2024, companies have committed Rs 17,581 crore and created over 8,660 jobs,” the steel ministry highlighted in a recent statement.
Participants in the PLI scheme have pledged a total investment of Rs 27,106 crore, promising direct employment for 14,760 individuals and an estimated production of 7.90 million tonnes of specialty steel.
The steel ministry acknowledged that investments in this sector typically have a long gestation period, influenced by procuring various types of equipment, many of which are sourced internationally.
Challenges such as supply chain disruptions due to geopolitical issues, unforeseen events, natural disasters, and changing market conditions have caused delays in project timelines. To address these issues, the ministry has been actively engaging with PLI beneficiaries in collaboration with other relevant government departments. The aim is to resolve challenges and ensure companies meet their commitments.
Efforts to streamline processes include expediting project clearances, establishing standard operating procedures for Indian visas for international experts, and continuously engaging with stakeholders to address their concerns.
