New Delhi, July 22 (PTI) The government's decision to provide benefits of production linked incentive scheme to specialty steel will help in setting up of domestic manufacturing facilities and also give fillip to investment in R&D and technology, India Inc said on Thursday.

Anil Kumar Chaudhary, Chairman, Minerals and Metals Committee, PHDCCI, said that it is a great opportunity to give the boost to the listed specialty steel and pave the way for 'Aatmanirbhar Bharat'.

The Union Cabinet has approved Rs 6,322-crore production linked incentive scheme for specialty steel, a move aimed at boosting domestic manufacturing and exports from the sector.

Industry body CII said that PLI will definitely give an edge to setting up of domestic manufacturing facilities for speciality steel in the country and give fillip to investment in R&D and technology.

"The stipulation in the scheme that the steel used for making speciality steel should be 'melted and poured in the country' will strengthen end-to-end manufacturing within the country," Seshagiri Rao MVS, Chairman, CII National Committee on Steel and Jt. MD and Group CFO, JSW Steel Ltd, said.

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