The Union steel ministry is likely to seek applications soon from interested parties to take part in the `6,322-crore production-linked incentive (PLI) scheme that seeks to promote production of speciality steel within the country from the middle of the next month.
The ministry hopes the scheme, notified last week, to attract around Rs 45,000-crore investment during the five-year scheme period and it will enhance India’s manufacturing capacity of such grades to 42 million tonne per annum (mtpa) from round 18 mtpa now. Overall, India produced 102 MT steel last year.
Apart from substituting annual imports of speciality steel for use in automobile and power sectors among others, worth around Rs 33,000 crore a year with domestically manufactured product, the scheme will also help in augmenting India’s capacity of exporting of such products in the overseas markets. It will also promote India’s self-reliance in the steel sector.
Talking to reporters on the sidelines of an event to promote the scheme, steel minister R C P Singh said the scheme is likely to catch the attention of all domestic players. The ministry is also hoping to get investment from foreign shores.