The scheme has the potential to generate employment for about 5.25 lakh people – of which 68,000 will be direct and the rest will be indirect employment.
Cabinet meeting at a briefing post – chaired by Prime Minister Narendra Modi – Minister of Information and Broadcasting Anurag Thakur Said that the move is aimed at boosting domestic manufacturing and exports from the region.
Under this, an incentive of Rs 6,322 crore will be provided over a period of five years from 2023-24 to 2027-28 for local manufacturing of the product.
The scheme is expected to entail an investment of around Rs 40,000 crore and capacity addition of 25 MT.
In addition, it also proposes to incentivize eligible manufacturers between 4 per cent and 12 per cent incentive on incremental production.
“Any company registered in India, engaged in the manufacture of identified ‘specialty steel’ grades, shall be eligible to participate in the scheme. However, it shall ensure that the special steel used for manufacturing The steel will be melted and injected into the country, thus ensuring end-to-end manufacturing keeping in mind the Prime Minister, Atmanirbhar Bharat,” the Center said in an official release.
The scheme will cover coated/plated steel products; High strength/wear resistant steel; specialty rail; Alloy steel products, steel wire and electrical steel.
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