New Delhi, 22nd July 2021: Under the leadership of the Hon’ble Prime Minister, Shri Narendra Modi, the Union Cabinet has taken a historic decision to introduce the Production-Linked Incentive (PLI) Scheme for Specialty Steel.
Lauding the decision, Smt. Soma Mondal, Chairman, SAIL, commented, “I thank our Hon’ble Prime Minister, Shri Narendra Modi ji, for this path-breaking scheme for the steel industry. The steel industry has climbed higher on the charts of world steel production in recent years, and this scheme shall provide additional impetus to the sector to reach greater heights in the future. This significant decision to introduce PLI for specialty steel will have far-reaching positive impacts on the domestic steel industry in general and SAIL in specific. We shall consider the scheme while deciding our next CAPEX cycle and product mix in the coming times.”
She also thanked the Steel Ministry for this scheme, which is aimed at encouraging the production of high-value special steels, including import substitutes, in the country by incentivizing domestic steel producers. The scheme will also act as a booster to ‘Atmanirbhar Bharat,’ where the country is primarily enhancing domestic production capabilities to be self-sufficient in fulfilling its steel requirements. The scheme shall undoubtedly place the Indian steel industry higher in the global value chain.
The PLI scheme for specialty steels will encourage new technological interventions and innovations in the domestic steel sector. SAIL is expected to capitalize on the opportunity and contribute to the Government’s efforts in making a strong and self-reliant India.
Date: 22.07.2021