Visakhapatnam Steel Plant receives ₹11,500 crore support from central government

In a significant move to revitalize the financially struggling Visakhapatnam Steel Plant, the Central Government has approved a relief package of ₹11,500 crore. This announcement comes as a counter to recent privatization speculations, offering a ray of hope for the future of the steel plant.

The decision was made during a Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi today. The financial aid aims to address operational payments and stabilize the plant's operations. Official details of how the package will be utilized are expected to be revealed tomorrow.

Andhra Pradesh Chief Minister Nara Chandrababu Naidu has been a long-time advocate for the plant's revival, repeatedly raising the issue in discussions with central leaders. Despite heightened fears of privatization, especially following Prime Minister Modi's recent visit to Visakhapatnam, today's announcement is seen as a favorable outcome of Naidu’s consistent efforts.

This decision has come as a much-needed relief to the people of Andhra Pradesh, who had been concerned about the plant's uncertain future. Local leaders, including Naidu, Pawan Kalyan, and Nara Lokesh, had previously faced criticism for not addressing the plant's situation more directly during public events. The approval of this package signals the government’s commitment to preserving the state’s industrial legacy.

A detailed statement outlining the package's implementation and additional steps for the plant's revival is expected to be released tomorrow, marking a crucial step toward ensuring its long-term sustainability.