Union Steel Minister Ram Chandra Prasad Singh took to Twitter on Friday to assert that the ‘Production-Linked Incentive (PLI) Scheme for Specialty Steel’ was a “win-win” for domestic steelmakers. Singh and Minister of State for Steel, Faggan Singh Kulaste, attended the meeting of the Parliamentary Consultative Committee of the Ministry of Steel on the PLI Scheme on 6 Aug’21.
- The incentive is payable from 2023-24 and will be applicable for five product categories, as per latest updates.
- Provisions of deferment of the initial year and preference to front-loaded investment have been included in the scheme keeping in view the longer gestation period of investments in some product categories in the steel sector.
- The government anticipates that the composition of specialty steel in India’s import basket will reduce to a minimum in the next few years.
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