The Union Cabinet (Govt. of India) on 22nd July 2021 approved INR 6,322-crore production linked incentive (PLI) scheme for specialty Steel.
The scheme will cover coated/plated Steel products, high strength/wear-resistant Steel, specialty rails, alloy Steel goods, Steel wires, and electrical Steel.
An official statement from the Government stated “Rs 6,322 crore will be provided over five years and it would create over 5.25 lakh jobs. It will boost manufacturing and help in reducing imports“.