CNBC-TV18 newsbreak confirmed that the Union Cabinet has cleared the production-linked incentive (PLI) scheme for specialty steel. The Rs 6,300 crore rupees scheme has been approved for five years.

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Information and Broadcasting Minister Anurag Thakur said the approval for the Rs 6,322-crore PLI scheme for specialty steel is a move aimed at boosting domestic manufacturing and exports from the sector.

He said that incentives worth 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," he told reporters.

The scheme will cover coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel goods, steel wires and electrical steel.

The base year for calculation of the incentive will be FY20. The government anticipates nearly Rs 40,000 crore investment and 25 million tonne capacity addition for specialty steel.

Watch the accompanying video of CNBC-TV18’s Anshu Sharma for more details.

-With PTI inputs

(Edited by : Bivekananda Biswas)

First Published:Jul 22, 2021 6:47 PM IST