PLI scheme to generate investment of ₹30,000 crore in specialty steel sector, says Scindia

Scindia says PLI scheme to generate investment of ₹30,000 crore in specialty steel sector

Union minister for Civil Aviation & Steel Jyotiraditya M. Scindia on Wednesday said that the ministry has signed 57 MoUs with 27 companies for specialty steel under the PLI scheme, which is expected to generate investment of about ₹30,000 crore and create additional capacity of about 25 mt of specialty steel in next five years.

This will also create 60,000 plus jobs and help India to become the third-largest economy by 2030-31.

Addressing India Steel 2023 conference through a video message, Mr. Scindia said, “We have emerged as the second-largest steel producer in the world with per capita steel consumption going up from 57 kilos to 78 kilos during the last nine years.

“This growth is having manifold results -- collaborative efforts of industry and government wherein government plays the role of facilitator and industry drives this engine of growth,” he said.

“The Steel Ministry is in the process of aligning policies with the Gati Shakti Master Plan which will complement the ₹100 lakh crore investment plan for infrastructure development over the next five years; this will boost the demand for steel in various sectors, thereby enhancing steel usage,” he added.

Speaking at the event, Faggan Singh Kulaste, Minister of State in the Ministry of Steel and Rural Development, said, “In 2013-14, steel production capacity was about 100 million tonnes and crude steel production was about 82 million tonnes, whereas in 2022-23 the steel production capacity increased to 154 million tonnes and crude steel production to 125 million tonnes.

“This historic growth has been possible due to the business-friendly policy, reforms and transparency in the steel sector,” he said.