Ministry of Steel Signs MoUs with 27 Companies under PLI Scheme
Ministry of Steel has signed 57 Memorandums of Understanding (MoUs) with 27 companies for specialty steel production under the Production Linked Incentive (PLI) Scheme. The government has allocated Rs 6,322 crores to boost the steel sector and generate an investment of about Rs 30,000 crores, creating an additional capacity of approximately 25 million tonnes of specialty steel over the next five years. This move is expected to create numerous direct and indirect job opportunities while helping India achieve its goal of becoming the world’s third-largest economy by 2030-31. The steel companies involved in the scheme are encouraged to work with the government to increase the production of value-added steel in India. The government has assured the industry that necessary clearances at Union and State levels will be done faster, and bottlenecks will be removed promptly. The steel minister also emphasized the importance of moving from a hard-to-abate sector to a low-carbon emission sector. Carbon neutrality can be achieved through initiatives such as Green Steel and Green Hydrogen Mission. Additionally, boosting the circular economy in the steel sector is essential, with approximately 25 million tonnes of scrap used in the industry, offering scope for further growth.
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