Specialty Steel PLI Scheme Attracts Rs 17,581 Crore Investment By October 2024

The government announced on Monday that companies have invested Rs 17,581 crore under the Production-Linked Incentive scheme till October 2024.

Introduced to promote domestic production of specialty steel and reduce imports, the PLI scheme has successfully attracted significant capital investments. According to a statement from the Ministry of Steel, as of October 2024, participating companies have created over 8,660 jobs.

The scheme’s beneficiaries have committed to a total investment of Rs 27,106 crore, which is expected to generate direct employment for 14,760 people and produce an estimated 7.90 million tonnes of specialty steel, as outlined in the scheme's targets.

The ministry earlier said investments in the steel sector have a long gestation period and depend on factors such as the procurement of various equipment, many of which are from abroad.

Delays due to unavoidable circumstances in the projects include supply chain delays due to geopolitical issues, unforeseen events, natural disasters and changed market, among others.

The ministry, along with other relevant government departments, has been engaging with PLI beneficiaries to resolve issues faced by companies and facilitate them to meet their commitments.

Measures have been taken to expedite clearances for projects, issue standard operating procedures for Indian visa for experts, and to address the concerns of the participating companies by continuous engagement with stakeholders.

(With Inputs From PTI)