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India's Steel Surge: Rs 13,203 Cr Boost for Specialty Production
9 Feb
Summary
- India aims to add 8.7 million tonnes of specialty steel capacity by FY 2031.
- The government secured Rs 13,203 crore in investment commitments for specialty steel.
- This initiative supports critical industries like automobiles and defense sectors.
India is set to dramatically increase its specialty steel output, with the government securing Rs 13,203 crore in investment commitments. This funding, part of the specialty steel production linked incentive (PLI) 1.2 scheme, is expected to add 8.7 million tonnes of capacity by FY 2031. These developments will bolster India's strength in critical steel segments like electrical steel and alloy steels.
The PLI scheme, offering incentives between 4% and 15%, is designed to foster investment and technological advancement. It aims to integrate Indian manufacturers into global value chains, positioning the nation as a reliable supplier of advanced steel. The initiative is vital for sectors including defense, automotive, and aerospace.
