“The response has been very good. Both large integrated players
like Tata Steel, JSW Steel, JSPL and SAIL and a clutch of secondary players
have evinced interests. The total number of applications would be around 75,”
said a steel ministry source.
The cabinet approved the scheme on
July 22, 2021. The scheme was notified on July 29.
Tata Steel, JSW Steel and
ArcelorMittal Nippon Steel (AM/NS India) were among around 75 firms that have
shown interest in the Rs 6,322 crore production-linked incentive (PLI) scheme
for speciality steel.
“The response has
been very good. Both large integrated players like Tata Steel, JSW Steel, JSPL
and SAIL and
a clutch of secondary players have evinced interests. The total number of applications
would be around 75,” said a steel ministry source.
Speciality steel
is a value-added variety wherein normal finished steel is worked upon by way of
coating, plating, heat treatment, etc to convert it into high value-added steel
for use in various strategic sectors such as defence, space, power, and
automobiles, among others. India meets the domestic with imports with an annual
forex outgo of around Rs 30,000 crore.
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The objective of
the PLI scheme is to promote the manufacturing of speciality steel grades
within the country and help the Indian steel industry mature in terms of
technology as well as move up the value chain. The cabinet approved the scheme
on July 22, 2021. The scheme was notified on July 29.
Coated products, high-strength
steel, speciality rails, alloy steel products and
electrical steel are the broad five target categories under the scheme. The
government had set the final deadline on September 15 after several extensions
for receiving proposals from manufacturers for benefits under the PLI scheme
for speciality steel.
The government has
already deferred by a year the implementation of the scheme. Instead of
2022-23, the five-year scheme will now commence from 2023-24. The release of
the incentives under the scheme will start from 2024-25 instead of 2023-24 as
proposed in the scheme guideline issued earlier.