The Ministry of Steel has signed 57 MoUs’ with 27 companies for specialty steel under the Production Linked Incentive (PLI) Scheme. An event to exchange of MoUs’ with companies was organised by the Ministry of Steel today at Vigyan Bhawan, New Delhi. The Union Minister of Steel and Civil Aviation, Shri Jyotiraditya Scindia along with Minister of State for Steel, Shri Faggan Singh Kulaste gave away the MoUs’ to the representatives of the companies.
The Minister of Steel and Civil Aviation commended the initiatives of the participating companies in the PLI Scheme for specialty steel.
Under the PLI scheme, the Government has approved Rs. 6322 crores to give a new impetus to the Steel sector.
Shri Scindia said that the PLI scheme is expected to generate an investment of about Rs. 30,000 Crores and additional capacity creation of about 25 Million Tonnes of specialty steel in the next 5 years. This will also create great opportunities for direct and indirect job creation, besides contributing towards achieving the status of 3rd largest economy by the year 2030-31 as per the resolve and determination of the Prime Minister Shri Narendra Modi. The Union Minister also highlighted that in the Budget 2023-24 the Prime Minister and the Finance Minister Smt. Nirmala Sitharaman have announced Rs. 10 lakh crore Capital Expenditure Plan that becomes the source of great demand for our industry. The Minister said that there is a structural shift at international level from West to East has enabled India to emerge as an epicentre of evolution and growth of the Steel sector. He said that India is set to become a power house of manufacturing which will increase the share of Steel in GDP from 2 to 5%.
Congratulating the stakeholders present at the ceremony Shri Scindia, expressed his hope from the steel companies who will take efforts in tandem with the Government of India to increase production of value-added steel in India. Participants in the scheme should use this opportunity to fulfil the vision of ‘Atmanirbharta’ of the Prime Minister. The Minister assured the industry that necessary clearances at Union and State level will be done faster and bottle necks will be removed quickly.
He added that there is also scope to boost the Circular Economy in the sector as we are using approximately 25 Million ton scrap in Steel sector that can be increased in the years to come.
Shri Scindia said that the Government has also transitioned from being a regulator to a facilitator and a collaborator and expressed optimism that India is on course to achieve record production of 125 million tonnes and 11% to 12% growth in consumption levels.