The government’s Production Linked Incentive (PLI) scheme for specialty steel has received a total of 27 registrations and three applications before the April 30 deadline, a senior official said.
Additional Steel Secretary Rasika Choubey said, “We are getting good response and they are all secondary players, but did not name the companies showing interest in the plan. Choubey was speaking to reporters on the sidelines of the three-day Global Stainless Steel Expo (GSSE) 2022. were talking.
On July 22 last year, a meeting of the Union Cabinet was held under the chairmanship of the Prime Minister. Narendra Modi 6,322 crore PLI scheme was approved to promote the production of special steel in India. The government had earlier extended the deadline for submission of applications by a month to April 30 from March 29. The scheme is expected to attract additional investment of about Rs 40,000 crore and create 5.25 lakh jobs.
In its efforts to help the industry, the steel ministry has also asked the finance ministry to remove basic customs duty on ferronical, a raw material. Choubey said this would help stainless steel makers, who were hit by rising material prices due to shortages after the Russia-Ukraine crisis, reduce their input costs.
At present, a 2.5% duty is levied on the import of Feronicel. “We took up the matter as it is an important raw material for the stainless steel sector. Chromium, another raw material, is in good supply,” she said. In his keynote address at GSSE, the official urged the industry to make India a net exporter of stainless steel and said that the ministry is taking several initiatives to promote its use. This includes promoting capacity addition and improving steel consumption in the country.
According to a vision document unveiled at the expo, the demand for stainless steel is expected to see a growth of 19.5-21% by 2047 and 3.7-3.9 MT by 2047. It said growth will be supported by a low FY22 base, stable macro-economic environment and moderate government spending. according to this Jindal Stainless Managing Director Abhyuday Jindal, Government of India had taken several steps to promote the adoption of Stainless Steel and the industry was looking forward to continued support.