In the official statement, it was stated that 12,900 billion Rupees (approximately 155 million dollars) were invested in the domestic steel industry within the scope of the PLI program for special steels. This investment is considered an important step to increase India's steel production and make the country self-sufficient in special steels.
In March 2023, 57 memorandums of understanding (MoUs) were signed to achieve an investment of approximately Rs 29,500 billion in the sector by FY 2028. In its statement, the Ministry of Steel stated that the plan envisages adding 25 MT of capacity to produce special steel grades and creating approximately 17,000 employment opportunities.
On the status of the scheme, the ministry said, "As of December 2023, the selected companies have already invested around Rs 12,900 Million against the investment commitment of Rs 21,000 Billion by the current fiscal year." This investment is seen as significant progress towards achieving the plan's goals.
It was stated that around 5 units established as part of the PLI plan have started production and 9 more units are expected to start production this quarter. This means that the plan will play an important role in increasing production capacity and meeting the country's special steel needs.
The Ministry envisages an investment of Rs 10,000 Million in Financial Year 2025. With this investment, India's steel industry is expected to grow and develop further in the coming years.
The Ministry, together with other relevant government departments, is proactively engaging with PLI beneficiaries to resolve issues faced by companies and facilitate their delivery of their commitments.
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