Singh assures of transparent selections of India-registered companies
The Steel Ministry is preparing detailed guidelines for the Rs.6,322 crore Production Linked Incentive (PLI) scheme through its Project Management Agency for the estimated Rs.40,000 crore Specialty Steel investments expected.
Steel Minister Ram Chandra Prasad Singh gave this update to a Parliamentary Consultative Committee of the Ministry of Steel on 6 Aug 2021.
Specialty steel manufacturers registered in India are eligible to participate in the PLI scheme.
Selection of companies will be through a transparent process with equal weightages to both incremental production and investment thresholds, Singh assured.
Provisions of deferment of initial year and preference to front-loaded investment have been given in the scheme keeping in view longer gestation period of investments in some product categories in steel sector.
But the budgetary outlay and PLI incentive payable during any given year as well as the overall outlay cannot be exceeded, he said.
The scheme’s objective is to enhance domestic production of value-added steel by attracting significant investment. The incentive is payable from 2023-24 and will be applicable for five product categories, viz, Coated/Plated Steel Products, High Strength/Wear Resistant Steel, Specialty Rails, Alloy Steel Products and Steel Wires, and Electrical Steel.
The product categories were chosen after due consultations, said Singh. #manufacturing #investment /fiinews.com
