Ministry of Steel signs 57 MoUs’ with 27 companies under PLI schemes for specialty Steel

Daily Current Affairs / Ministry of Steel signs 57 MoUs’ with 27 companies under PLI schemes for specialty Steel

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Category : Business and economics Published on: March 23 2023

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The Ministry of Steel has signed 57 MoUs’ with 27 companies for specialty steel under the Production Linked Incentive (PLI) Scheme.
Under the PLI scheme, the Government has approved Rs. 6322 crores to give a new impetus to the Steel sector.
The government has allocated Rs 6,322 crores to boost the steel sector and generate an investment of about Rs 30,000 crores.
The Indian Steel Industry has been on a growth trajectory for the last few years and is currently the second-largest producer globally.
Steel is also one of the sectors driving the much-needed private investment in the country.
The PLI scheme is aimed at encouraging domestic as well as foreign companies to manufacture specialty steels needed for high-end applications.