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Steel PLI has facilitated investments totaling Rs 10,730 crore

7 Dec 2023 , 10:31 AM

There were 3785 jobs created throughout the current fiscal. Payments for incentives under the PLI will begin in fiscal year 2024–2025.

As of September 2023, the domestic steel industry has invested Rs 10,730 crore of the Rs 29,531 crore committed under the Production-Linked Incentive (PLI) Scheme for the sector. In response to a question in the Lok Sabha, Faggan Singh Kulaste, the Minister of State for Steel, stated that a Grievance Redressal Mechanism has been established to handle any issues or problems that may arise during the execution of the PLI plan.

The Specialty Steel PLI programme aims to produce the steel grades that are imported in order to meet local demand. In order to generate an additional capacity of roughly 25 million tonnes of specialty steel in the next five years, the centre has set aside Rs 6322 crores for the programme.

For the current fiscal year, 935 thousand tonnes of speciality steel output have been committed, but as of September's end, none of it has been produced, according to Kulaste. There were 3785 jobs created throughout that time. Payments for incentives under the PLI will begin in fiscal year 2024–2025.

While outlining the actions the centre has taken to address issues and worries brought up by businesses taking part in the PLI programme, Kulaste also mentioned that the Project Monitoring Group's (PMG) mandate, which was to monitor large-scale infrastructure projects, has been expanded. During the scheme time, PLI authorised enterprises will also encounter challenges related to land acquisition, environmental clearances, and forest clearances, among other things, which the PMG will handle. The Ministries of Home and External Affairs have also released a Standard Operating Procedure (SoP) to help with expert visas who will assist PLI beneficiaries.

For feedback and suggestions, write to us at editorial@iifl.com

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Related Tags

  • India
  • investment
  • Steel PLI
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19 Feb 2024   |   09:29 AM
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