{"id":120747,"date":"2021-07-23T20:47:30","date_gmt":"2021-07-23T15:17:30","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=120747"},"modified":"2021-07-24T10:38:10","modified_gmt":"2021-07-24T05:08:10","slug":"union-cabinet-approves-production-linked-incentive-pli-scheme-for-specialty-steel","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/union-cabinet-approves-production-linked-incentive-pli-scheme-for-specialty-steel\/","title":{"rendered":"Union Cabinet approves Production-linked Incentive (PLI) Scheme for Specialty Steel"},"content":{"rendered":"<p><strong>Source: <\/strong><a href=\"https:\/\/pib.gov.in\/PressReleasePage.aspx?PRID=1737722\"><strong>PIB<\/strong><\/a><\/p>\n<p><strong>What is the News?<\/strong><\/p>\n<p>The Union Cabinet has approved the <a href=\"https:\/\/forumias.com\/blog\/production-linked-incentive-or-pli-scheme-and-its-challenges-explained-pointwise\/\">Production Linked Incentive(PLI) Scheme<\/a> for specialty steel.<\/p>\n<h5><strong>About PLI Scheme for Speciality Steel:<\/strong><\/h5>\n<ul>\n<li><strong>The PLI Scheme <\/strong>aims to boost the production of high-grade specialty steel in the country.<\/li>\n<li><strong>Coverage<\/strong>: The five categories of specialty steel that have been chosen in the PLI Scheme are: Coated\/Plated Steel Products, High Strength\/Wear-resistant Steel, Specialty Rails, Alloy Steel Products, and Steel wires, and Electrical Steel.<\/li>\n<li><strong>Incentives: <\/strong>There are 3 slabs of PLI incentives under the scheme. The lowest being 4% and the highest is 12%, which has been provided for electrical steel (CRGO).<\/li>\n<li><strong>Eligibility: <\/strong>Any company registered in India engaged in the manufacturing of the identified Specialty Steel are eligible to participate under the scheme.<\/li>\n<li><strong>Duration: <\/strong>The duration of the scheme will be five years from 2023-24 to 2027-28.<\/li>\n<\/ul>\n<h5><strong>Expected Benefits of the scheme:<\/strong><\/h5>\n<ul>\n<li><strong>The scheme <\/strong>is expected to bring in an investment of approximately \u20b940,000 crores and capacity addition of 25 MT for specialty steel.<\/li>\n<li><strong>The scheme<\/strong> will give employment to about 5 lakh people, of which 68,000 will be direct employment.<\/li>\n<\/ul>\n<h5><strong>What is Specialty Steel?<\/strong><\/h5>\n<ul>\n<li><strong>Specialty steel <\/strong>is value-added steel wherein normal finished steel is worked upon by way of coating, plating, heat treatment, etc. to convert it into high-value-added steel.<\/li>\n<li><strong>This steel can be used <\/strong>in various strategic applications like Defense, Space, Power, apart from the automobile sector, specialized capital goods among others.<\/li>\n<\/ul>\n<h5><strong>Why was Speciality Steel chosen for the PLI Scheme?<\/strong><\/h5>\n<ul>\n<li><strong>Speciality steel <\/strong>has been chosen as the target segment under the PLI Scheme. It is because out of the production of 102 million tonnes of steel in India in 2020-21, only 18 million tonnes of value-added steel\/specialty steel was produced in the country.<\/li>\n<li><strong>Apart from this, <\/strong>out of 6.7 million tonnes of imports in 2020-21, about 4 million tonnes import was of specialty steel alone resulting in Forex expenditure of Rs.30,000 crores.<\/li>\n<li><strong>Hence, <\/strong>by becoming Atma Nirbhar in producing speciality steel, India will move up the steel value chain and come at par with advanced steel-making countries like Korea and Japan.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Source: PIB What is the News? The Union Cabinet has approved the Production Linked Incentive(PLI) Scheme for specialty steel. About PLI Scheme for Speciality Steel: The PLI Scheme aims to boost the production of high-grade specialty steel in the country. Coverage: The five categories of specialty steel that have been chosen in the PLI Scheme&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/union-cabinet-approves-production-linked-incentive-pli-scheme-for-specialty-steel\/\">Continue reading <span class=\"screen-reader-text\">Union Cabinet approves Production-linked Incentive (PLI) Scheme for Specialty Steel<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,956,9,959],"tags":[],"class_list":["post-120747","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-schemes-and-programs","category-public","category-schemes","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1702515501},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/120747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=120747"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/120747\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=120747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=120747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=120747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}