Industry lauds Centre for launching PLI scheme to speciality steel producers
The productivity linked incentive (PLI) scheme for those manufacturing speciality steel to boost the pandemic-hit industry has drawn an overwhelming response in favour of it by several key players in the steel sector.
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Visakhapatnam The productivity linked incentive (PLI) scheme for those manufacturing speciality steel to boost the pandemic-hit industry has drawn an overwhelming response in favour of it by several key players in the steel sector.
The Union Cabinet approved the scheme on Thursday to attract an additional investment of Rs.40,000 crore and generate 5.25 lakh jobs including 68,000 direct employment. The twitterati is abuzz with reactions on the initiative offered by the Government of India as the industry is hopeful of showing signs of recovery during next few months.
In a tweet, the Indian Steel Association described it "as a step closer to building #AatmanirbharBharat...The scheme is expected to bring in investment of Rs.40,000 crore and capacity augmentation of 25 MT (million tonnes)."
SAIL in a tweet stated that the scheme shall undoubtedly place Indian steel industry up in the value chain in the global arena. The PLI scheme for specialtiy steels will encourage new technological interventions and innovations in the domestic steel sector."
CII National Committee on Steel Chairman MVS Seshagiri Rao said "CII welcomes the announcement of PLI in speciality steel. PLI will definitely give an edge to setting up of domestic manufacturing facilities for speciality steel in the country and give a fillip to investment in R&D and technology. Also the stipulation in the scheme that the steel used for making speciality steel should be 'melted and poured in the country' will strengthen end-to-end manufacturing within the country."
Rashtriya Ispat Nigam Ltd (RINL) Director (Commercial) who is holding additional charge as CMD DK Mohanty said "the PLI scheme approved by Union Cabinet is a welcome step toward making India a truly 'Atmanirbhar Bharat' as it will have multiple cascading positive effect. It will not only promote production of quality speciality steel for import substitution for the end-users but also provide opportunity for the producers to export finished products for long term sustainability."
Naveen Jindal hailed the scheme and said this is a progressive decision that will further strengthen the Indian steel industry, bring investments, generate jobs and lead to import substitution, propelling efforts towards an #AtmaNirbharBharat.
Mining major NMDC tweeted the PLI scheme would certainly move value chain and be competitive with advanced steel producing countries.
Katam SS Chandra Rao, executive council member of National Confederation of Officers' Associations (NCOA) said "this is very good initiative to make more special grade steel, RINL should focus on to produce more special grade steels to get the right share from PIL declared by the Government of India for production of special steel. He said the scheme will also help to reduce the imports of special grade steel.
