Production Linked Incentive (PLI) Scheme for Specialty Steel

Syllabus- General Studies 3 (Economy) Context Recently, the Union Cabinet, chaired by the Prime Minister, approved the Production Linked Incentive (PLI) Scheme for specialty steel. The duration of the scheme will be five years, from 2023-24 to 2027-28. Furthermore Speciality steel has been chosen as the target segment because out of the production of 102 million tonnes steel in India in 2020-21, only18 million tonnes value added steel/speciality steel was produced in the country. Apart from this out of 6.7 million tonnes of imports in the same year, approx. 4 million tonnes import was of specialty steel alone resulting in FOREX outgo of Approx.....Read More