Govt okays Rs 42,500 crore worth projects for making speciality steel in India

The government has approved 67 proposals from 30 small and large-scale companies that will bring in an investment of Rs 42,500 crore for the manufacture of “specialty steel” in the country, according to a statement issued by the ministry of steel today. 

The investment will create an additional downstream capacity of manufacturing 26 million tonnes of steel and generate employment for 70,000 people, the statement said.

Specialty steel is value-added steel, made by processing normal finished steel through coating, plating and heat treatment. Apart from its applications in the automobile sector and specialized capital goods sector for making machines, it also holds high usage value in sectors like defence, space, and power.

The applications from the 30 companies have been cleared under the Production Linked Incentive (PLI) Scheme for Specialty Steel that was approved by the Union Cabinet in July, 2021 with a five-year financial outlay of Rs. 6322 crore. The scheme offers incentives to promote the manufacturing of ‘Specialty Steel’ within the country by attracting capital investment. The scheme aims to generate employment and promote technology up-gradation in the steel sector.

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