Latest News | Steel Ministry's Parliamentary Consultative Committee Holds Meeting on PLI Scheme for Specialty Steel
Get latest articles and stories on Latest News at LatestLY. A meeting of the Parliamentary Consultative Committee of the Ministry of Steel was held on Friday on the recently approved Production-Linked Incentive scheme for specialty steel, an official statement said. On July 22, the Union Cabinet approved the Rs 6,322-crore production linked incentive (PLI) scheme to boost production of specialty steel in India, attract fresh investments and create new job opportunities in the sector. "Meeting of the Parliamentary Consultative Committee of the Ministry of Steel was held here today on the subject PLI scheme for Specialty Steel. The meeting was chaired by Minister of Steel Ram Chandra Prasad Singh and Minister of State for Steel Faggan Singh Kulaste. Members of Parliament and senior officers of the steel ministry attended the meeting," the statement said. During the meeting, the members of Parliament were briefed about the features of the scheme which was notified on July 29, 2021.
New Delhi, Aug 6 (PTI) A meeting of the Parliamentary Consultative Committee of the Ministry of Steel was held on Friday on the recently approved Production-Linked Incentive scheme for specialty steel, an official statement said. On July 22, the Union Cabinet approved the Rs 6,322-crore production linked incentive (PLI) scheme to boost production of specialty steel in India, attract fresh investments and create new job opportunities in the sector. "Meeting of the Parliamentary Consultative Committee of the Ministry of Steel was held here today on the subject PLI scheme for Specialty Steel. The meeting was chaired by Minister of Steel Ram Chandra Prasad Singh and Minister of State for Steel Faggan Singh Kulaste. Members of Parliament and senior officers of the steel ministry attended the meeting," the statement said. During the meeting, the members of Parliament were briefed about the features of the scheme which was notified on July 29, 2021.
It was informed that the scheme was approved with the objective of enhancing domestic production of value-added steel by attracting significant investment. The incentive is payable from 2023-24 and will be applicable for five product categories: coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products and steel wires, and electrical steel.
The product categories were chosen after due consultations, the statement said. The attendees were also informed that companies registered in India engaged in manufacturing the identified product categories using steel melted and poured within the country are eligible to participate in the scheme. The selection of companies will be through a transparent selection process with equal weightages to both incremental production and investment thresholds.
Through the scheme, the government anticipates bringing in additional investment of about Rs 40,000 crore along with generating an overall employment to about 5.25 lakh. Further, it is anticipated that the composition of specialty steel in import baskets will reduce to a minimum in the next few years.
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)