The Ministry of Steel is anticipating an investment of INR 27,106 crore, creation of 14,760 jobs and production of 7.9 million tonnes of specialty steel identified under the scheme.
Jan 2, 2025
The Production Linked Incentive (PLI) scheme, which was launched by the Ministry of Steel in July, 2021 to promote the manufacturing of specialty steel within the country and reduce imports, has attracted capital investments worth INR 17,581 crore and led to the creation of over 8,660 jobs, till October 2024.
According to a statement released by the Ministry of Steel, the participating companies have committed to an investment of INR 27,106 crore, leading to direct employment for 14,760 people and estimated production of 7.9 million tonnes of specialty steel identified in the scheme.
As per the Ministry, the country produced 82.47 million tonnes of crude steel and 79.13 million tonnes of finished steel in Apr-Oct ‘23. The consumption of steel during the period stood at 76.01 million tonnes.
Also Read: YC Inox Opens Industrial Stainless Steel Pipe Factory in Turkey
In Apr-Oct ‘24, the total production of crude steel increased to 85.40 million tonnes, while the production of finished steel reached 82.81 million tonnes. The total consumption of steel increased to 85.70 million tonnes during the same period.
