Industrialist Naveen Jindal welcomes PLI scheme for Specialty Steel after government selects 67 applications

Specialty Steel

JSP Chairman Naveen Jindal on Saturday welcomed the Indian government’s Production Linked Incentive (PLI) Scheme for Specialty Steel. This was after the Steel Ministry announced that it had selected 67 applications from 30 companies.

Specialty Steel

Jindal said, “Welcome the authorisation of PLI Scheme for specialty steel. This will go a long way in encouraging the production of Made In India”Specialty Steel”, while advancing technology & creating more jobs; yet another step towards building an #AtmaNirbharBharat.”

The JSP chairman added on Twitter, “Nation Building is at the core of the mission and vision of Jindal Steel and Power. This will definitely help propel our efforts towards building the nation of our dreams with specialty steel and diverse product portfolio. Jai Hind.”

The Steel Ministry said in a statement that the Union Cabinet had approved the PLI Scheme on 22.07.2021, ‘with a five-year financial outlay of Rs. 6322 Crore to promote the manufacturing of ‘Specialty Steel’ within the country by attracting capital investment, generate employment and promote technology up-gradation in the steel sector.’

The PLI Scheme was notified in the official Gazette on 29 July 2021 with the detailed scheme guidelines published on 20 October last year.

“The application window for participation in the PLI scheme was closed on 15.09.2022. A total of 79 applications were received from 35 small and large steel-making companies, committing to investment of Rs.46,000 Crore and downstream capacity addition of 28 million tonne over by 2030,” the Steel Ministry said.

It added, “67 applications from 30 companies have been selected. This will attract committed investment of Rs. 42500 Crore with a downstream capacity addition of 26 million tonne and employment generation potential of 70000.”

The PLI Scheme aims to reduce India’s dependency on imports of specialty steel products and help both large and medium players in the steel industry.