NewzIntel.com

MIL-OSI Asia-Pac: ENHANCEMENT OF PRODUCTION OF STEEL UNDER PLI SCHEME

Written by

MIL-OSI Publisher

in

, , , , , , , , ,

Source: Government of India (2)

Posted On: 07 FEB 2025 1:10PM by PIB Delhi

Production Linked Incentive (PLI) Scheme for specialty steel was launched with the objective of attracting investment to boost the production of value-added steel in the country. PLI Scheme for specialty steel covers five broad product categories, namely Coated/Plated Steel Products, High Strength/Wear resistant Steel, Specialty Rails, Alloy Steel Products & Steel wires and Electrical Steel.

Steel is a de-regulated sector and the government acts as a facilitator by creating a conducive policy environment for the development of steel sector. Government has taken the following measures to create a conducive policy environment for boosting the steel sector in the country:-

  1. Promotion of ‘Made in India’ steel and expanding investments:-

    1. Implementation of Domestically Manufactured Iron & Steel Products (DMI&SP) Policy for promoting ‘Made in India’ steel for Government procurement.

    2. Launch of the Production Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of ‘Specialty Steel’ within the country and reduce imports by attracting capital investments.

  1. Improve raw material availability and reduce raw material cost:-  

    1. Reduction in the Basic Customs Duty on Ferro Nickel, a raw material from 2.5 percent to zero, making it duty free.

    2. Extension of duty exemption on ferrous scrap upto 31st March 2026, in the Budget 2024.

  3. Import monitoring and quality control:-

    1. Revamping of Steel Import Monitoring System (SIMS) for effective monitoring of imports to provide granular details on imports to the domestic steel industry.

    2. Introduction of steel Quality Control Orders thereby banning sub-standard/ defective steel products in domestic market as well as imports to ensure the availability of quality steel to the industry, users and public at large.

This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha today.

****

TPJ/NJ

(Release ID: 2100578) Visitor Counter : 49

MIL OSI Asia Pacific News –

More posts